South Korea's stock markets have suffered a massive sell-off, the benchmark Kospi Index gave up highs and declined over 6% on Friday. This significant sell-off was a retreat from record highs and the Index was dragged down by heavyweight tech stocks in the midst of the broader decline in Asian Markets.
The Kospi Index ended the trading day at 7,493.18, after breaching 8,000 in the earlier session. The massive tumble in tech stocks has sparked concerns in AI stocks.
Shares of Samsung Electronics declined over 8% after their labor union said they would go ahead with the planned 18-day strike from May 21 which involves over 45,00 workers. SK Hynix shares also fell over 7.5%.
All other Asian markets also declined in trade on back of consistently rising oil prices and a sharp rise in U.S. bond yields. The slide reflects the geopolitical uncertainty, and the spotlight is on the key tech and chipmaker shares that were dragging the markets.
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