The KOSPI fell below the 6,400 level as high oil prices from the continuing Middle East conflict, interest rate increases and concerns about an overheated artificial intelligence sector weighed on the market.
The benchmark index stood at 6,392.52 as of 2:39 p.m. on the 12th, down 233.41 points, or 3.52%, from the previous session, according to the Korea Exchange. The index opened at 6,578.17, down 47.76 points or 0.72%, and extended its losses through the session. It was the first time the KOSPI traded below 6,400 intraday since Aug. 11, about two months ago. Most of the largest companies by market capitalization fell sharply, with Samsung Electronics trading at 250,000 won, down 4.58%.