stocks-summary

SEOUL, Oct. 30 (Yonhap) -- South Korean shares dropped by more than 3 percent Friday, dragged down by a sell-off in semiconductor stocks amid lingering concerns over the sustainability of artificial intelligence (AI) investments. The Korean won strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 206.92 points, or 3.48 percent, to close at 5,730.74, after falling as low as 5,599.42.

After opening nearly 3 percent lower, the KOSPI extended its losses, prompting the Korea Exchange to activate a sell-side sidecar.

A sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute.

The sell-off followed overnight losses on Wall Street, where concerns over lofty AI-related valuations dampened investor sentiment.

Google parent Alphabet plunged more than 12 percent after its third-quarter revenue rose 25 percent on-year to $127.58 billion, lower than market expectations, raising concerns over returns on massive AI investments.

The tech-heavy Nasdaq Composite Index shed 1.38 percent, while the Philadelphia Semiconductor Index fell 1.4 percent, weighing on sentiment toward South Korean chipmakers.

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