Seoul stocks open sharply lower after US tech sell-off

South Korean stocks experienced a sharp decline on Monday, opening 3.17 percent lower due to a technology-focused sell-off on Wall Street. The benchmark KOSPI index fell by 95.95 points, or 1.69 percent, to reach 5,572.10 as of 9:15 a.m. Trading earlier that week had seen the KOSPI rise by 2.05 percent to 5,668.05, ending a seven-day losing streak that saw a 6.3 percent drop.

The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite in the United States also suffered losses on Monday, with the Dow slipping 0.34 percent and the Nasdaq falling 2.14 percent. Market uncertainty looms over upcoming earnings reports from major companies, such as Tesla and Meta Platforms, as well as the November 3 U.S. midterm elections. Analysts pointed to the ongoing debate surrounding the interest rate outlook as a contributing factor to the market's cautious sentiment.

In Seoul, tech stocks were at the forefront of the decline. Samsung Electronics, a market bellwether, dropped 1.28 percent, while chipmaker SK hynix fell 2.83 percent. Hyundai Motor Group saw a 1.12 percent decrease, and shipbuilder HD Hyundai Heavy Industries shed 3.7 percent. Gainers included the national carrier Korean Air, which rose 1.14 percent, and steelmaker POSCO Holdings, which gained 0.51 percent. The Korean won was trading at 1,334.15 won per U.S. dollar at 9:15 a.m., up 2.35 won from the previous day's close.