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%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.