Korean chip heavyweights pull benchmark index down more than 8% as AI trade fizzles

Seoul [Korea], June 8, (ANI): Korea’s benchmark stock index, KOSPI, was down more than 8 per cent as the blistering AI rally fizzled and investors grew cautious amid a strong US jobs report and a renewed conflict in West Asia.

The benchmark index fell as much as 9 per cent intraday with heavyweights like Samsung Electronics and SK Hynix tanking 10.2 per cent and 7.7 per cent respectively. The selloff in tech shares continued after Broadcom last week disappointed with its guidance for the entire year.