Anonymous
KOSPI crashes more than 500pts(...) 05/12/26(Tue)08:51:38 No.108806680

File: file.png (1.82 MB, 1280x868)

1.82 MB PNG

KOSPI crashes more than 500pts after SK Govt official suggests public dividend subsidized by AI boom Anonymous 05/12/26(Tue)08:51:38 No.108806680

South Korea's benchmark Kospi retreated Tuesday after coming within touching distance of the 8,000-point mark, as a top South Korean policymaker's proposal to distribute a "citizen dividend" funded by AI profits rattled investor sentiment, a Bloomberg report suggested.

The index closed at 7,643.15, down 2.29 percent from the previous session. Although it climbed as high as 7,999.67 shortly after the opening bell, hovering just below the 8,000 mark, the benchmark quickly reversed course and plunged 5.1 percent at one point to as low as 7,421.71.

Bloomberg suggested that the Kospi’s decline was driven by remarks made by Kim Yong-beom, the presidential chief of staff for policy, on AI boom-related profits generated by chip giants such as Samsung Electronics and SK hynix.

"The gains from the AI era are not the result of a few specific companies, but were built on an industrial foundation that the entire nation has collectively developed over the past half-century," Kim wrote Monday on his Facebook.

"A portion of those gains should be structurally returned to all citizens," Kim said, claiming the country should pay citizens a "dividend" funded by taxes on the profits.

After briefly climbing to a fresh high within sight of the 8,000 level, the Kospi quickly reversed course and plunged. The decline was led by foreign investors, who unloaded 5.6 trillion won ($3.8 billion) worth of shares on the main board in a wave of profit-taking.

Joined by institutional investors' net selling of 1.21 trillion won, retail investors' 6.68 trillion won in net buying was not enough to offset the outflows.

https://www.koreaherald.com/article/10736412