Seoul stocks open sharply lower on lingering concerns over AI, U.S. inflation
SEOUL, Oct. 15 (Yonhap) -- Seoul stocks opened sharply lower Thursday, as concer...
Seoul stocks plunged on Thursday, Oct. 15, as investors remained cautious about the long-term viability of artificial intelligence (AI) and the unexpectedly high inflation in the United States, which cast a shadow over market sentiment. The Korea Composite Stock Price Index (KOSPI) crashed 335.8 points, representing a significant 5.59 percent decline, bringing the index to a closing value of 5,673.01.
This marked the start of a six-day losing streak for Seoul stocks. Wall Street's major indices also suffered, with the S&P 500 falling by 1.11 percent and the tech-focused Nasdaq slipping by 1.88 percent. In the United States, the Consumer Price Index (CPI) increased by 0.6 percent in September compared to the previous month, resulting in an annual inflation rate of 3.7 percent, which exceeded the anticipated 3.6 percent increase.
Despite these concerns, doubts persisted among investors regarding the potential for AI investments to deliver the expected returns.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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