Seoul shares open lower amid persistent AI woes
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The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
Korean shares opened lower Thursday, after the previous session’s sharp gains as investors weighed concerns over the profitability of artificial intelligence (AI) infrastructure investments.
After opening 1.14 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 24.68 points, or 0.46 percent, to 5,710.98 as of 9:15 a.m.
Overnight, U.S. stocks closed mixed as AI-related shares rebounded following SpaceX’s quarterly results.
The Dow Jones Industrial Average rose 0.69 percent, while the S&P 500 gained 0.58 percent and the tech-heavy Nasdaq Composite advanced 1.05 percent.
After delivering sound earnings, Meta Platforms boosted its bet on the AI sector.
In Seoul, most large-cap shares opened lower.
Market bellwether Samsung Electronics inched up 0.34 percent after opening lower while its chipmaking rival SK hynix declined 0.31 percent.
Battery maker LG Energy Solution fell 3.65 percent while Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, jumped 4.79 percent.
The Korean won was trading at 1,326.5 won against the U.S. dollar at 9:15 a.m., up 0.5 won from the close of the previous stock trading session.
