South Korean Shares Extend Losses

The benchmark KOSPI traded lower to around 7,700 on Thursday, extending losses from the previous session amid weakness in global technology shares and escalating tensions in the Middle East. Chipmakers remained under pressure after a renewed selloff in US semiconductor stocks fueled concerns over stretched AI-related valuations, weighing on major Korean tech names. Samsung Electronics (-0.3%) edged lower, while Hyundai Motor (-3.0%), LG Energy Solution (-2.5%), Kia Corporation (-4.7%), Hanwha Aerospace (-5.0%), and Doosan Enerbility (-5.2%) posted sharper declines. Market sentiment was also dampened by rising geopolitical risks after the US threatened further military action against Iran, raising fears of supply disruptions in the Strait of Hormuz and pushing oil prices higher. Meanwhile, South Korea’s exports surged 86% year-on-year in the first 10 days of June, reaching a record high on robust semiconductor shipments and helping limit deeper losses.

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