South Korean shares extended losses for a third consecutive session Thursday, dragged down by retail selling across technology equities as global investors digested the U.S. Federal Reserve's decision to hold interest rates steady alongside ongoing concerns over artificial intelligence capital expenditure.
The Korea Composite Stock Price Index, or Kospi, decreased by 69.68 points, or 1.2%, to end at 5,593.56. The Kosdaq also declined by 17.9 points, or 2.7%, to close at 644.78.
Market sentiment was restrained after the U.S. Fed voted 9-3 on Wednesday to maintain the federal funds target rate at 3.5%-3.75%.
In economic news, credit card spending in South Korea rose 7.6% to 336.9 trillion won in the April-June quarter from a year earlier, Credit Finance Association data showed.
The number of approved card settlements climbed 6% to 7.96 billion in the second quarter from the same period last year.
The total card approval amount growth rate rose to 7.6% in Q2 from 7.2% in Q1, while card approval volume growth increased to 6% from 5.1% during the period.
Consumption improved on higher income, strong semiconductor demand, and government policies aimed at stabilizing prices and supporting public livelihoods. This helped sustain robust card spending growth.
In corporate news, Samsung Electronics (KRX:005930) posted a 1,344% year-over-year jump in attributable net income to 71.3 trillion won in the second quarter from 4.934 trillion won, according to a regulatory filing.
Sales surged 130% to 171.5 trillion won in the June quarter from 74.6 trillion won, which the South Korean tech company attributed to strong demand for its memory products amid the artificial intelligence boom.
Shares of Samsung fell nearly 1% at market close.