AI concerns trigger Wall Street sell-off, South Korea’s Kospi once drops 3.2%

(1) As concerns about the outlook for the artificial intelligence industry intensify, a sell-off has appeared on Wall Street. (2) The Korea Composite Stock Price Index (Kospi), which has a high proportion of chip stocks, once fell by 3.2%, but later pared some of its losses. (3) SK Hynix, Samsung Electronics, and Samsung Electro-Mechanics were the main component stocks dragging down the index. (4) The early trading sell-off was led by retail investors, with a net sale of 377 billion Korean won of Kospi component stocks; foreign investors and domestic funds showed a buying trend. (5) The small-cap Kosdaq index suffered a maximum decline of 2.7%.