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South Korean Stocks Close Sharply Lower; Samsung, Techwing Shares Slide

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South Korean stocks closed sharply lower on Tuesday, tracking overnight declines on Wall Street driven by the sell-off of major tech stocks.

The Korea Composite Stock Price Index or Kospi decreased by 244.38 points, or 3.3%, to end at 7,271.66. The Kosdaq declined by 26.73 points, or 2.4%, to close at 1,084.36.

In corporate news, Samsung Electronics (KRX:005930) and its largest labor union managed to narrow some differences in their fresh talks that resumed Monday, ⁠Yonhap Infomax reported Tuesday, citing the chairman of the ​National ​Labor Relations Commission.

The court granted Samsung's request to limit potential union strike actions, lowering the risk of major disruptions in chip production.

The development comes after the labor union threatened an 18-day strike, scheduled to begin Thursday, if demands are unmet.

Shares of Samsung Electronics fell nearly 2% at market close.

In other news, Techwing (KOSDAQ:089030) secured a chip inspection equipment supply contract from Samsung valued at 9.72 billion won. Shares of Techwing fell nearly 3% at market close.

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