Seoul shares open sharply higher ahead of Meta earnings amid AI woes
Seoul shares opened sharply higher Wednesday ahead of Meta Platforms' earnings results, as investors weighed concerns over profitability from artificial intelligence (AI) infrastructure. The benchmark Korea Composite Stock Price Index (KOSPI) rose 113.60 points, or 2.05 percent, to 5,666.34 at the opening bell, rebounding from a nearly 4 percent-dip the previous session. Overnight, U.S. stocks…
Seoul shares surged sharply on October 21 ahead of Meta Platforms' earnings, as investors assessed the impact of artificial intelligence (AI) infrastructure concerns on profitability. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 2.86% to 5,711.62 within hours of the open, following a 3.99% decline the previous day.
U.S. markets were mixed, with the Dow Jones Industrial Average up 1.02% and the tech-heavy Nasdaq Composite falling slightly. Despite this, strong earnings from certain technology firms rekindled interest in tech stocks. Investors are now focusing on Meta Platforms and other tech companies' earnings reports coming up this week. Samsung Electronics and SK hynix, Samsung's chipmaking rival, both rose 4.14% and 5.89% respectively.
POSCO Holdings and HD Hyundai Heavy Industries also gained, by 0.83% and 0.16% respectively. However, LIG Defense & Aerospace and S-Oil declined, by 11.86% and 0.69% respectively. The Korean won opened at 1,325.15 per U.S. dollar, up 0.85 won from the previous session's close.
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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