Seoul shares open sharply lower on US losses, inflation concerns
Seoul shares opened sharply lower Tuesday, as losses in U.S. technology stocks weighed on investor sentiment ahead of major companies' earnings reports and the release of U.S. inflation data. The benchmark Korea Composite Stock Price Index fell 198.16 points, or 3.1 percent, to 6,186.08 at the opening bell. Overnight, U.S. stocks ended mixed, with the Dow Jones Industrial Average rising 0.38…
Seoul shares plummeted on Tuesday, as U.S. technology losses dampened investor confidence before key corporate earnings releases and U.S. inflation figures. The main gauge, the Korea Composite Stock Price Index, dropped 198.16 points, or 3.1%, to 6,186.08 at the opening. Meanwhile, U.S. stocks closed the previous day mixed, with the Dow Jones Industrial Average up 0.38% and the tech-focused Nasdaq Composite down 0.44%.
Investors are eagerly awaiting the U.S. consumer price index report on Wednesday, which could shed light on the Federal Reserve's policy stance before its October meeting. In Seoul, technology stocks drove the decline. Tech giant Samsung Electronics plunged 4.79%, while chipmaker SK hynix fell 5.61%. Defense firm Hanwha Aerospace slipped 3.71%, and automobile maker Hyundai Motor sank 5%.
However, some stocks managed to rise. K-pop agency Hybe surged 1.47%, and entertainment firm SM gained 1.8%. The Korean won traded at 1,335.70 won per U.S. dollar.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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