Asia
South Korean Shares Extend Selloff for Second Day, Kospi Plunge Nearly 6% on AI Spending Concerns
South Korean equities plummeted for a second straight session on Wednesday, driven by an accelerating selloff across major technology and semiconductor holdings over concerns regarding artificial intelligence investment returns.The Korea Composite Stock Price Index, or Kospi, decreased by 360.42 points, or 6%, to end at 5,663.24. The Kosdaq also declined by 43.17 points, or 6.1%, to close at 662.68.The market slide overshadowed positive economic indicators released Tuesday by the Ministry of Culture, Sports and Tourism. South Korea welcomed 1.99 million foreign tourists in June, rising 23.1% from a year ago, the Ministry of Culture, Sports and Tourism said Tuesday.The total number of foreign tourists reached 10.71 million in the first half of 2026, up 21.3% year over year, the government agency said.Foreign credit card spending hit 2.54 trillion won in June, bringing the total to more than 10 trillion won in the first half.In corporate news, Daewoo Engineering & Construction (KRX:047040) was removed as a contractor for the Gangnam Wonhyoseong villa housing redevelopment project, according to a Tuesday filing with the Korea Exchange.Shares of Daewoo Engineering & Construction fell nearly 11% at market close.
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