Seoul shares ended lower Friday, closing a turbulent week, amid growing concerns over an artificial intelligence(AI) bubble and renewed trade tensions between the United States and China.
The benchmark Korea Composite Stock Price Index(KOSPI) lost 72-point-69 points, or one-point-81 percent, on Friday to close at three-thousand-953-point-76. The main bourse ended the week down 153-point-74 points, or three-point-74 percent, from the previous Friday’s close.
The KOSPI experienced significant volatility this week, soaring past four-thousand-200 on Monday but closing below the four-thousand mark on Friday.
The index tumbled by more than 3 percent in intraday trading after reports indicated that Washington would block Nvidia from selling its latest, scaled-down AI chips to China, heightening fears of an escalation in trade tensions between the world's two largest economies.
Major tech stocks dragged the market down, with Samsung Electronics and SK hynix losing one-point-31 and two-point-19 percent, respectively.
Defense stocks suffered heavy losses, including Hanwha Aerospace, which fell four-point-85 percent, and LIG Nex1, which plunged 16-point-53 percent.
Shipbuilder Hanwha Ocean and Kakao were among the few gainers, climbing three-point-09 and three-point-46 percent, respectively.
The tech-heavy KOSDAQ fell 21-point-36 points, or two-point-38 percent, to close at 876-point-81.
The South Korean won weakened against the U.S. dollar by nine-point-two won to trade at one-thousand-456-point-nine won as of 3:30 p.m.