Seoul stocks open lower on Wall Street losses, AI concerns
Seoul stocks open lower on Wall Street losses, AI concerns. Verified reporting and official documentation provided by ALISOPLAY based on Yonhap News Agency announcements.
Seoul stocks open lower on Wall Street losses, AI concerns. Verified reporting and official documentation provided by ALISOPLAY based on Yonhap News Agency announcements.
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- 30 (Yonhap) -- South Korean stocks opened lower Friday, tracking overnight losses on Wall Street, as renewed concerns over the sustainability of the artificial intelligence (AI) boom weighed on investor sentiment.
- The benchmark Korea Composite Stock Price Index (KOSPI) lost 177.31 points, or 2.99 percent, to 5,760.35 at the opening bell.
- The index fell 1.24 percent in the previous session on profit-taking in heavyweight chip stocks, despite Samsung Electronics' record quarterly earnings.
- Overnight, Wall Street shares retreated, led by a sell-off in technology shares.
- Google parent Alphabet plunged more than 12 percent after its third-quarter revenue rose 25 percent on-year to $127.58 billion but missed market expectations, raising concerns over returns on massive AI investments.
- The tech-heavy Nasdaq Composite Index shed 1.38 percent, while the Philadelphia Semiconductor Index fell 1.4 percent, weighing on sentiment toward South Korean chipmakers.
- Financial data is shown on a screen in the dealing room of Hana Bank in central Seoul after the market closed on Oct.
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