Stocks dip over 4% on extended chip rout, Mideast tensions

South Korean stocks closed more than 4 percent lower Monday, as artificial intelligence woes resurfaced amid escalating tensions in the Middle East. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index plunged 304.33 points, or 4.46 percent, to 6,516.27points, after falling as low as 6,472.80. Trade volume was moderate at 339.5 million shares worth 28.4 trillion won ($19.2 billion). Losers far outnumbered winners 796 to 97. Institutional investors were net s