Seoul stocks open sharply lower after US tech sell-off
0 
0 
The KOSPI index is displayed at a dealing room of Hana Bank in Seoul, Monday. Yonhap
Seoul shares opened sharply lower Monday in the wake of a technology-centered sell-off on Wall Street, as concerns mount over whether heavy investment in artificial intelligence (AI) infrastructure can generate sufficient returns.
After opening 3.17 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) narrowed losses, trading down 95.95 points, or 1.69 percent, at 5,572.10 as of 9:15 a.m.
The KOSPI rose 2.05 percent to close at 5,668.05 on Friday, snapping a seven-session losing streak during which it had fallen 6.3 percent.
On Friday (U.S. time), the Dow Jones Industrial Average fell 0.34 percent and the tech-heavy Nasdaq Composite plunged 2.14 percent.
Investors remain cautious ahead of earnings reports from major companies, including Tesla and Meta Platforms, due this week, as well as the Nov. 3 U.S. midterm elections, amid continued uncertainty over the interest rate outlook, analysts said.
In Seoul, tech stocks led the decline.
Market bellwether Samsung Electronics gave up 1.28 percent and its chipmaking rival SK hynix declined 2.83 percent.
Top carmaker Hyundai Motor backtracked 1.12 percent and leading shipbuilder HD Hyundai Heavy Industries shed 3.7 percent.
Among gainers, national flag carrier Korean Air rose 1.14 percent and leading steelmaker POSCO Holdings climbed 0.51 percent.
The Korean won was trading at 1,334.15 won against the U.S. dollar at 9:15 a.m., up 2.35 won from the close of the previous stock trading session.
