This photo, taken Wednesday, shows the trading room of Hana Bank in Seoul as South Korean stocks fell more than 4 percent amid escalating Middle East tensions and a tech sell-off. Photo by Yonhap
South Korean stocks plummeted more than 4 percent Wednesday amid escalating tensions between the United States and Iran and a tech slump fueled by concerns over the valuation of stocks related to artificial intelligence (AI). The local currency was trading lower against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 366.11 points, or 4.52 percent, to close at 7,730.82, almost eclipsing most of the over 8 percent surge from the previous day.
At one point, the index fell as low as 7,541.11.
Due to the sharp fall, the Korea Exchange had activated a sell-side sidecar for the index at 1:16 p.m., halting program trading for five minutes.
