Seoul stocks fall 5.28% on worries over US AI regulation
South Korea's main stock index dropped more than 5% on Thursday after the Democratic Party's midterm win raised fears of tighter AI rules. The won also weakened against the dollar.
South Korean stocks fell more than 5% on Thursday. Investors worried that the Democratic Party's landslide in the US midterm elections could bring tighter rules on artificial intelligence investments.
South Korea's main stock gauge, the Kospi, dropped 300 points, or 5.28%, and ended the day at 5,383.80. The won also lost ground against the US dollar.
The index opened 1.82% lower and lost more ground in the morning. The bourse operator then activated a sell-side sidecar at 10:16 a.m. A sidecar is a short pause in program trading meant to calm sharp swings.
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