Seoul shares dip nearly 6% on extended chip rout amid AI skepticism - The Korea Times

The closing figures for the benchmark KOSPI and Kosdaq are displayed on a screen in a Hana Bank dealing room in Seoul, Wednesday. Yonhap

Seoul shares plunged by nearly 6 percent Wednesday following a nearly 11 percent crash the previous session as investors dumped semiconductor stocks amid growing skepticism over whether massive spending on artificial intelligence (AI) will generate sufficient returns.

The local currency strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 360.42 points, or 5.98 percent, to close at 5,663.24, after plunging to an intraday low of 5,262.77.

After opening 1.09 percent higher, the KOSPI reversed course and tumbled by up to nearly 12 percent in afternoon trading.