South Korean stocks experienced a significant downturn on Tuesday, July 28, with the market index crashing by more than 10 percent. The sharp decline was primarily driven by a heavy selloff of technology stocks, fueled by growing investor skepticism regarding the artificial intelligence sector.
Despite the substantial drop in equity values and a notable selloff of local stocks by foreign investors, the South Korean won strengthened against the U.S. dollar. The divergence between the performance of the stock market and the currency highlights a complex reaction within the financial markets during this period of volatility.
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