Seoul stocks open sharply lower after U.S. tech sell-off
SEOUL, Oct. 19 (Yonhap) -- Seoul shares opened sharply lower Monday in the wake ...
Seoul stocks plunged on Monday following a sell-off in U.S. technology stocks, driven by growing worries that investments in artificial intelligence infrastructure may not yield sufficient returns. The Korea Composite Stock Price Index (KOSPI) fell 179.64 points, or 3.17 percent, to 5,488.41 at the opening bell. This marked a sharp contrast to the previous Friday, when the KOSPI had surged 2.05 percent to close at 5,668.05, ending a seven-day losing streak that saw the index drop 6.3 percent.
The recent market turbulence in the U.S. followed a 0.34 percent decline in the Dow Jones Industrial Average and a 2.14 percent drop in the tech-focused Nasdaq Composite on Friday. Investors are maintaining a cautious stance, awaiting earnings reports from major corporations, including Tesla and Meta Platforms, along with the upcoming U.S. midterm elections scheduled for November 3rd. Analysts attribute the market's uncertainty to ongoing debates about interest rate policies.
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- (LEAD) Seoul stocks open sharply lower after U.S. tech sell-off en.yna.co.kr
- Seoul stocks open sharply lower after US tech sell-off koreatimes.co.kr
