With NVIDIA Chief Executive Officer (CEO) Jensen Huang scheduled to visit Korea on the 5th to meet the heads of major companies, stocks that had risen on expectations of cooperation are plunging across the board. Overnight weakness on the New York stock market centered on semiconductor shares and foreign selling appear to be weighing on the domestic market.

As of 9:27 a.m. today, LG Electronics is down 6.40 percent at 307,000 won. Hyundai Motor is trading at 656,000 won, down 6.29 percent.

LG CNS (-8.23 percent), Naver (-6.73 percent), Doosan Robotics (-16.15 percent), Doosan Enerbility (-5.75 percent), Hyundai Mobis (-9.09 percent), and LG Innotek (-6.31 percent), among others, are also falling across the board.

These names had risen on expectations of cooperation ahead of the visit to Korea by CEO Huang but have recently turned weaker.

The semiconductor ‘two top’, Samsung Electronics and SK hynix, are also down 7.25 percent and 9.27 percent, respectively.

Han Ji-young, a researcher at Kiwoom Securities, said, “The Jensen Huang visit to Korea theme that had been trending in the domestic stock market since the end of last month has also entered a stage where the catalyst is exhausted.”

After entering in the afternoon via the Seoul Gimpo Business Aviation Center (SGBAC), CEO Huang is expected to meet leading Korean business figures for the so-called ‘samso gathering’, pairing grilled pork belly with soju. Chey Tae-won, Chairman of SK Group, Chung Eui-sun, Chairman of Hyundai Motor Group, Koo Kwang-mo, Chairman of LG Group, and Lee Hae-jin, Chair of Naver, are reportedly set to attend.

During this visit, CEO Huang is expected to discuss ways of cooperation with Korean companies in semiconductors, artificial intelligence (AI), and robotics.