South Korea’s Kospi fell more than 2% in early trading on November 5 as chipmakers including Samsung Electronics Co. and SK Hynix Inc. slumped. Hyundai Motor Co. and major biotech and financial shares rose, underscoring a sharp divergence from semiconductor stocks.

As of 9:07 a.m., the Kospi was down 2.27% from the previous session at 5,554.52. Samsung Electronics had fallen 3.33%, while SK Hynix slid 5.87%. SK Square also dropped 6.34%.

Semiconductor shares came under pressure on concerns that Democratic control of both chambers of the U.S. Congress could lead to tighter regulation of AI infrastructure. Overnight in New York, major indexes surged as election uncertainty eased and Treasury yields and oil prices fell. Semiconductor-related stocks, however, were weak.

By contrast, buying flowed into large non-chip South Korean stocks. Hyundai Motor rose 6.35% and Celltrion gained 7%. Samsung Biologics and KB Financial Group advanced 4.48% and 4.69%, respectively.

In the benchmark stock market, foreign investors were net sellers of 247 billion won. Institutions and retail investors were net buyers of 175 billion won and 115 billion won, respectively.

At the same time, the Kosdaq was down 0.45% at 711.75.