Global Market: Kospi slides after early surge as AI stocks face valuation pressure

South Korea's Kospi index reversed an early 2% gain to close lower by over 2% as investors grew cautious about stretched valuations in AI-related stocks, weighing on the broader MSCI Emerging Markets Asia Index. Oil prices eased after OPEC+ agreed to raise production by 188,000 barrels per day from August, offering relief to oil-importing Asian economies. Investor focus now shifts to upcoming earnings from tech majors like Samsung Electronics, which is expected to report around an 18-fold jump in second-quarter operating profit.