South Korean shares closed lower Monday after volatile trading, even as chipmakers rose and Nvidia’s inquiry into reports concerning CEO Jensen Huang added a fresh concern for investors in the artificial intelligence sector.
The Korea Herald reported that the Korea Composite Stock Price Index, or Kospi, ended at 5,018.85, losing 40.84 points, or 0.81%, from the previous close. Trading totaled 231.8 million shares valued at 17.26 trillion won. Decliners outnumbered advancing shares, 527 to 340. Earlier Monday, EconoTimes reported that the Kospi opened lower as Samsung shares rose.
Foreign and retail investors together sold 1.18 trillion won more in shares than they bought, while institutions purchased a net 717.1 billion won, the report said. Samsung Electronics closed at 189,900 won, up 0.64%. SK hynix finished at 1,136,000 won after gaining 0.35%.
Losses hit other large companies. Battery maker LG Energy Solution fell 5.78% to 318,000 won, automaker Hyundai Motor dropped 2.86% to 271,500 won, and defense company Hanwha Aerospace declined 3.18% to 639,000 won.
Lee Kyoung-min, an analyst at Daishin Securities, described investors as lacking conviction broadly while still seeking bargains in semiconductor shares. The Korea Herald reported that concerns about AI data-center prospects had eased after the Democrats’ sweeping U.S. midterm victory, helping chip shares recover some ground.
Nvidia’s board said Sunday it was launching an independent investigation following reports that CEO Jensen Huang had been targeted by a foreign intelligence effort. In a message to Nvidia employees, Huang said he had been unfaithful to his wife and took “full responsibility,” The Korea Herald reported. Lee said reports about Huang had added to investor jitters.
The won ended at 1,347.1 per dollar, up 9.5 won from the previous session’s close. Government bond yields also rose: the three-year yield added 2.6 basis points to 3.639%, while the five-year yield gained 1.4 basis points to 3.731%, according to The Korea Herald.
