South Korea’s Kospi whipsawed sharply, briefly crossing the historic 8,000 level before plunging more than 6% as tech stocks sold off and foreign investors exited. The index erased its early gains to close at 7,493.18, while the Kosdaq fell over 5%. Samsung Electronics became the focal point after its union approved an 18-day strike starting May 21, even as the company offered fresh wage talks. The shock spread across Asian markets amid geopolitical noise and renewed US Iran pressure.
A broad selloff hit AI-linked stocks after a Bloomberg report said OpenAI missed key sales and user growth targets. The news reignited worries that heavy investment in AI may not pay off quickly enough, triggering risk-off moves across the sector even among companies seen as direct beneficiaries of AI adoption.
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After a two-year stretch of heavy equity selling, Indian promoters flipped in 2026, pouring more than $4 billion into buying their own company stocks. The move, seen across major groups including Adani and GMR, comes as valuations stabilize following a market correction and is read as renewed belief in long-term growth, especially for asset-heavy businesses.
The Nasdaq Composite opened down more than 1% as investors cooled on the AI boom, leaving tech stocks under pressure. The trigger: reports that OpenAI missed user and revenue targets, which analysts say could strain plans to fund expensive data center expansion. The selloff made the Nasdaq lag the S&P 500 and Dow at the open.
Foreign institutional investors extended their selloff in 2026, dumping Indian equities worth Rs 17,140 crore last week and pushing April outflows to Rs 43,967 crore. The pressure is being linked to geopolitical worries and weak sector leadership, dragging domestic indices. Traders now watch the next global cues, with the US FOMC and Japan’s rate decision likely to steer the next move.
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