South Korean stocks experienced a sharp decline on Friday. The benchmark index initially rose to a record high during the morning session, but then gave up all gains as semiconductor shares fell, bringing an end to a five-week winning streak.

The benchmark Korea Composite Stock Price Index (KOSPI) closed down 488.23 points, or 6.12%, at 7,493.18. For the week, the index fell 0.1%. Earlier on Friday, it had risen as much as 0.82% to a new all-time high of 8,046.78, breaking through the 8,000-point level just over a week after surpassing the 7,000-point milestone.

Among major stocks, Samsung Electronics fell 8.61%, and SK Hynix dropped 7.66%. Battery maker LG Energy Solution declined 5.66%. LG Chem fell 4.71%, major portal Naver dropped 4.46%, and mobile communications app operator Kakao decreased 4.24%. Hyundai Motor fell 1.69%, while Kia Motors dropped 5.67%. Steelmaker POSCO Holdings declined 3.91%, and pharmaceutical firm Samsung Biologics fell 2.07%.

Foreign investors net sold 56,039.42 billion won worth of shares on the KOSPI.