Korea's stock market, which had been setting record highs day after day and marching higher, is plunging in the after-market. Concerns are growing that trade tensions between the United States and China will intensify, dampening investor sentiment.
At 6:08 p.m. on the 17th, the alternative trading system NextTrade (NXT) after-market (650 stocks) was down 1.23% from the KRX closing price. At one point, it fell about 3%. Although the KOSPI index rose 0.01% to 3,748.89 in the regular session, it plunged when concerns emerged that trade tensions between the United States and China would reignite.
Samsung Electronics, which ended up 0.20% in the regular session, is trading down 1.43% at 96,300 won in the after-market. Doosan Enerbility is down 5.38%, and Hanwha Ocean and Ecopro M are down 2.66% and 2.05%, respectively. In addition, large-cap stocks such as Alteogen, Kakao, Samsung Heavy Industries, and Hanwha Aerospace are showing weakness.
Analysts say a Reuters report just before the regular-session close that U.S. chipmaker Micron would withdraw its data center chip supply business in China had an impact. According to the report, Micron decided to halt supplies due to U.S. government export controls and retaliatory measures by the Chinese government.
Seo Sang-young, an analyst at Mirae Asset Securities, said, "It can be seen as selling triggered by increased long-term uncertainty," and added, "Furthermore, the related developments could stoke concerns about escalating tensions between the United States and China, and Korea's stock market is also falling."