Seoul Shares Open Sharply Lower as AI Woes Persist, Oil Prices Rise
Seoul shares fell as U.S. AI and chip stocks slid and oil rose; KOSPI was down 2.83% by 9:15 a.m.
The KOSPI fell 130.6 points, or 2.36%, to 5,403.17 at the open, then dropped 156.6 points, or 2.83%, to 5,377.17 as of 9:15 a.m.
Overnight on Wall Street, U.S. stocks closed mixed. The Dow Jones Industrial Average rose 0.02%, while the S&P 500 fell 1.21% and the tech-heavy Nasdaq Composite shed 2.6%. Micron Technology plunged 6.26%, while Nvidia and Intel tumbled 4.4% and 8.04%, respectively.
Yonhap reported that renewed jitters over the AI industry dragged global markets lower, while oil prices climbed amid concerns over potential supply disruptions after Yemen's Iran-aligned Houthi rebels said they had again attacked key facilities in Saudi Arabia.
In Seoul, large-cap shares opened lower. Samsung Electronics fell 3.26%, chipmaking rival SK hynix declined 2.21%, battery maker LG Energy Solution fell 2.56%, and Samsung Electro-Mechanics plunged 6.64%, according to the report.
The Korean won was trading at 1,325.8 won against the U.S. dollar at 9:15 a.m., up 0.7 won from the close of the previous stock trading session, Yonhap reported.