(Yonhap)

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The stocks of Samsung Electronics Co. and SK hynix Inc. fell on Wednesday as persistent concerns over an artificial intelligence (AI) bubble continued to pressure U.S. technology stocks.

Samsung Electronics shares were trading at 95,300 won ($65.06) as of 9:32 a.m., down 2.56 percent from the prior session, after briefly touching 95,100 won. SK hynix traded at 549,000 won, down 3.68 percent.

The retreat followed another weak session for U.S. chip names on Tuesday, local time, ahead of Nvidia Corp.’s third-quarter results.

Nvidia shares slid 2.8 percent, and the Philadelphia Semiconductor Index lost 2.3 percent to extend its decline to a fourth day.

Korean department store stocks, on the other hand, advanced to fresh 52-week highs on expectations of stronger spending by Chinese visitors as geopolitical tensions rise between China and Japan.

Shinsegae Inc. traded at 231,000 won as of 9:16 a.m., up 4.05 percent. Earlier, the stock touched a record 233,500 won.

Hyundai Department Store Co. also set a new high at 98,400 won after rising 4.68 percent at the open, while Lotte Shopping Co. gained 1.64 percent to 74,200 won.

The strength in department store stocks is linked to rising China-Japan tensions after Japanese Prime Minister Sanae Takaichi said an attack on Taiwan by China could trigger the deployment of Japan’s self-defense forces.

Investors expect Korea to capture more Chinese tourist demand after Beijing advised its citizens to avoid travel to Japan.

According to Global Times, flight booking data from Qunar showed Korea ranked first in overseas reservations and search volume over the past weekend.

“Korea stands to benefit the most from China’s travel advisory,” said an analyst at KB Securities Co. “The government’s visa-free entry for Chinese group travelers since late September and the weaker won enhance Korea’s competitiveness as a travel destination.”

Shares of Samsung Electronics ended at 96,500 won, down 1.33 percent from the previous session while SK hynix finished at 562,000 won. Shinsegae shares closed at 225,500 won, Hyundai Department Store at 92,500 won, and Lotte Shopping at 72,100 won.