BENGALURU: South Korean shares closed sharply lower on Tuesday, with the benchmark index triggering a temporary trading halt, as a selloff in Samsung Electronics deepened doubts over how long the AI-led rally can last.
The chip-heavy KOSPI index closed down 4.9 percent after falling as much as 8 percent earlier in the session. The MSCI EM Asia index fell as much as 3.2 percent, while Taiwan stocks slipped more than 2 percent.
Samsung Electronics fell nearly 7 percent despite forecasting a 19-fold jump in quarterly earnings, as investors remained concerned about the sustainability of the AI-driven chip boom.
In Southeast Asia, Thai stocks fell as much as 1.4 percent, with electronics manufacturer Delta Electronics Thailand down nearly 3 percent.
Singaporean stocks rose about 1.4 percent to a record high, with banks OCBC, UOB and DBS gaining 2.4 percent-3.1 percent.
Stocks in Jakarta advanced as much as 0.8 percent to hit a more than one-week high, while the rupiah lingered around 17,980 a dollar.
In the Philippines, shares rose as much as 1.2 percent after data showed annual inflation slowed in June and the central bank said it was prepared to take further monetary action as needed. The next scheduled policy review is on August 27.
In Malaysia, stocks edged lower, while the ringgit appreciated to 4.0740 a dollar. The currency has firmed by around 1.5 percent since June 24 when the central bank announced measures to support it after it had weakened more than 5 percent earlier that month.
Comments