South Korean shares closed lower on Wednesday for a third consecutive day as investor sentiment was dampened by overnight losses on Wall Street on Tuesday.
The losses were a result of tensions over a bubble forming in the AI industry, as stated by OpenAI CEO Sam Altman last week.
The Korea Composite Stock Price Index or Kospi fell 21.47 points, or 0.7%, to end at 3,130.09. The Kosdaq also decreased by 10.35 points, or 1.3%, to close at 777.61.
In economic news, South Korea's net international investment position declined $53.6 billion to $1.030 trillion in the second quarter from the end of the first quarter, the Bank of Korea's preliminary data showed Wednesday.
In corporate updates, SK Innovation (KRX:096770) subsidiary SK On and Ford Motor's 50:50 joint venture, BlueOval SK, began production of batteries at its Kentucky, US, facility. The facility will also manufacture Ford's current E-Transit with enhanced range.
Shares of SK Innovation fell nearly 2% at market close.
Meanwhile, GnCenergy (KOSDAQ:119850) secured a contract with Naver (KRX:035420) to supply data center solutions to the latter, the emergency power generation company said in a Wednesday filing.
Shares of GnCenergy fell nearly 4% at market close, while those of Naver fell about 2%.
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