South Korean stocks closed sharply lower Friday, as renewed concerns over an artificial intelligence (AI) bubble weighed heavily on big-cap tech shares. The local currency fell to the lowest level in seven months against the U.S. dollar on massive foreign stock selling.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 151.59 points, or 3.79 percent, to close at 3,853.26.
Trade volume was moderate at 307.95 million shares worth 14.02 trillion won (US$9.5 billion), with decliners outnumbering gainers 718 to 177.
Foreigners sold a net 2.83 trillion won worth of shares, while retail and institutional investors bought a net 2.29 trillion won and 495.46 billion won worth of shares, respectively.
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