Seoul stocks open 2.4 pct lower on tech losses
SEOUL, Aug. 25 (Yonhap) -- Seoul shares opened lower Tuesday, tracking overnight...
Seoul's stock market opened 2.4% lower on Tuesday, mirroring declines in technology shares on Wall Street, as cautious investors awaited crucial developments. The Korea Composite Stock Price Index (KOSPI) slipped 161.03 points, or 2.4%, to 6,535.93 at the opening bell. This marked a drop of over 3% from the previous session, which saw a significant decline in chipmakers, including Samsung Electronics, due to growing concerns over the profitability of artificial intelligence (AI) investments.
U.S. stocks finished mixed overnight, with the Dow Jones Industrial Average up 0.26% and the tech-heavy Nasdaq Composite down 0.76%. Investors are also closely monitoring the escalating geopolitical tensions in the Middle East, as well as the release of U.S. economic data and corporate earnings scheduled for the week. Federal Reserve Governor Kevin Warsh is set to address the annual Jackson Hole gathering in Wyoming on Friday (U.S. time), offering insights into the Federal Reserve's outlook on monetary policy amid ongoing inflation challenges.
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Also reported by 2 other outlets
- (LEAD) Seoul stocks open sharply lower on tech selloff en.yna.co.kr
- Seoul stocks open sharply lower on tech selloff koreatimes.co.kr
