On the 27th, the domestic stock market opened down nearly 3% on shock from Google's new technology "TurboQuant." TurboQuant is a Google artificial intelligence (AI) model that drastically reduces memory usage, and concerns that memory demand could fall are sending major semiconductor stocks sharply lower. Samsung Electronics and SK hynix plunged about 3% and 4%, respectively, slumping to "170,000 won Electronics" and "890,000 won hynix."
As of 9:02 a.m., the KOSPI was trading at 5,290.5, down 169.96 points (3.11%) from the previous session. It initially started transactions at 5,300.61, down nearly 3%, and widened losses intraday to slip to the 5,270 level.
Foreign investors are net sellers of 227.3 billion won, dragging the index lower. Net selling by foreign investors has continued for seven sessions. Individuals and institutions are net buyers of 137.7 billion won and 87.8 billion won, respectively.
Semiconductor stocks are seeing steep losses. With Samsung Electronics and SK hynix plunging more than 3%, HANMI Semiconductor (3.06%), LG Electronics (3.81%), and ISU Petasys (2.26%) are also falling.
Hanwha Solutions, which said the previous day it would improve its financial structure through a rights offering worth 2.4 trillion won, is also slumping for a second straight day. Hanwha Solutions is down 6% after falling 18% the previous day.
At the same time, the KOSDAQ was also trading at 1,118.52, down 18.12 points (1.59%) from the previous session. Individuals and institutions are net sellers of 32.7 billion won and 8.4 billion won, respectively, dragging the index lower. Only foreign investors are net buyers of 43.9 billion won.
On the KOSDAQ, top market-cap stocks such as Sam Chun Dang Pharm, Alteogen, and EcoPro are all down 1%. Pearl Abyss, buoyed by high expectations for its new title "Crimson Desert," is surging 5%.
Overnight, U.S. stocks also finished lower. Inflation worries intensified as end-of-war talks between the United States and Iran struggled, and the launch of TurboQuant raised the possibility of weaker memory demand. The three major New York indexes fell 1–2%, and semiconductor stocks such as Micron (-7%) and SanDisk (-11%) plunged.
However, after the close, U.S. President Donald Trump said he would extend the grace period for attacking Iranian power plants to Apr. 6, easing some market concerns. Following the announcement, West Texas Intermediate (WTI) May futures, which had jumped nearly 4%, reversed to losses of more than 1%. Earlier, President Trump had set the grace period at the 27th.