Seoul shares open sharply lower amid persistent AI woes, rising oil prices
Korean shares opened sharply lower Friday, weighed down by overnight losses in U.S. artificial intelligence (AI) and semiconductor stocks, while rising oil prices added to market jitters. After opening 2.36 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 156.6 points, or 2.83 percent, to 5,377.17 as of 9:15 a.m. Overnight, U.S. stocks closed mixed, with losses in major…
Korean stocks plunged on Friday amid persistent concerns over artificial intelligence and rising oil prices, sending the benchmark KOSPI index tumbling 2.83 percent. The index, which serves as a market bellwether, fell 156.6 points, or 2.83 percent, to reach 5,377.17 as of 9:15 a.m. Traders reacted to mixed overnight performance in U.S. stocks, where major technology shares contributed to losses.
The Dow Jones Industrial Average managed a slight gain of 0.02 percent, while the S&P 500 and Nasdaq Composite experienced declines of 1.21 percent and 2.6 percent, respectively. Major players in the AI sector suffered significant setbacks, with Micron Technology, Nvidia, and Intel recording steep declines of 6.26 percent, 4.4 percent, and 8.04 percent, respectively.
Large-cap shares, such as Samsung Electronics, began the day with losses, down 3.26 percent, while its chipmaking rival SK hynix dropped 2.21 percent. The situation was further exacerbated by rising oil prices, driven by fears of disrupted supplies following the repeated attacks on Saudi Arabian facilities by Iran-aligned Houthi rebels.
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.
This story
This is one outlet's version. Read the fullest account.
