Key facts
- South Korean stocks fell for the sixth consecutive session on Wednesday.
- Concerns over excessive spending on artificial intelligence contributed to the decline.
- Investors remained cautious ahead of U.S. inflation data.
- The benchmark Korea Composite Stock Price Index (KOSPI) lost 26.54 points, or 0.44 percent, to 6,008.81.
- The Korean won gained against the U.S. dollar.
- ASML's revised 2026 sales outlook failed to meet market expectations.
South Korean stocks declined for a sixth consecutive session on Wednesday, driven by persistent concerns over excessive spending on artificial intelligence and investor caution ahead of key U.S. inflation data. The benchmark Korea Composite Stock Price Index (KOSPI) closed down 0.44 percent at 6,008.81 points.
The index experienced choppy trading, initially opening higher and rising around 2.57 percent by 9:34 a.m. following comments from New York Fed President John Williams suggesting no further monetary tightening would be needed next year. However, these gains were erased after Dutch tech giant ASML released a lower-than-expected sales outlook for 2026, despite reporting strong third-quarter earnings. ASML is a crucial supplier of chip-manufacturing equipment to major players like Samsung Electronics.
"The KOSPI erased all of its gains after ASML's earnings report," said Seo Sang-young, a senior analyst at Mirae Asset Securities. "Investors are also awaiting U.S. consumer prices data later in the day."