(2nd LD) Seoul shares drop nearly 1 pct, erasing earlier gains following Nvidia jitters

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(ATTN: ADDS bond yields at bottom) SEOUL, Nov. 13 (Yonhap) -- South Korean stocks fell a...

SEOUL, Nov. 13 (Yonhap) -- South Korean stocks fell almost 1 percent Friday as investors turned cautious over the potential impact of the departure of Nvidia CEO Jensen Huang on the artificial intelligence (AI) ecosystem. The local currency was trading lower against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) closed down 52.20 points, or 0.98 percent, at 5,290.53.

The index opened 2.05 percent higher and rose as high as 5,504.44 before shifting to negative territory around 12:35 p.m.

Trade volume was light at 237.3 million shares worth 16 trillion won (US$11.9 billion), with gainers edging decliners 450 to 418.

Foreigners sold a net 550.5 billion won worth of stocks, while institutions bought 2.3 billion won and individuals purchased a net 17.2 billion won.

Overnight on Wall Street, major stock indices closed lower following the exit of Huang, who played a crucial role in the recent AI boom.

Investors were also awaiting the release of U.S. producer price data, which could give a clue to the Federal Reserve's monetary policy, following the steeper-than-expected rise in the consumer price index earlier this week.

"KOSPI started higher but turned negative due to foreign sell-offs," said Lee Kyoung-min at Daishin Securities. "Without prominent negative factors, rising AI uncertainties weighed heavily on the market."

Market bellwether Samsung Electronics lost 0.96 percent to 206,000 won, and chipmaker SK hynix sank 3.03 percent to 1.2 million won.

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