Global Market: Kospi drops 2% as chip stocks tumble ahead of Nvidia earnings
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The benchmark Kospi fell 131.07 points, or 1.96%, to 6,565.89 as of 01:45 GMT, according to Reuters. The index has still gained 55.81% so far this year. Chip stocks led the decline, with Samsung Electronics falling 1.95% and SK Hynix dropping 4.55%. LG Energy Solution declined 3.04%. Investors have grown more cautious about the profitability of heavy investment in artificial intelligence ahead of Nvidia’s results due on Wednesday. Among other major stocks, Hyundai Motor rose 0.12% and Kia gained 0.95%. POSCO Holdings slipped 0.31%, while Samsung Biologics fell 0.89%. SK Hynix union members narrowly rejected a tentative wage agreement on Tuesday, according to a source familiar with the matter, Reuters reported. Meanwhile, Hyundai Motor’s South Korean union reached a tentative agreement with management, helping avert further production losses after workers staged their first full strike in a decade on Friday. Of the 904 stocks traded, 273 advanced and 588 declined. Foreign investors were net sellers of shares worth 1.93 trillion won. The Korean won strengthened 0.06% to 1,382.4 per dollar on the onshore settlement platform, compared with 1,383.2 in the previous session. The currency has gained 4.1% against the dollar so far this year, Reuters reported. In the bond market, September three-year Treasury bond futures gained 0.02 point to 103.24. The yield on the most liquid three-year Korean Treasury bond was unchanged at 3.836%, while the benchmark 10-year yield declined 0.7 basis points to 4.331%. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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