Seoul shares open sharply lower amid persistent AI woes, rising oil prices
SEOUL, Oct. 23 (Yonhap) -- South Korean shares opened sharply lower Friday, weig...
South Korean shares started Friday significantly lower as AI and semiconductor stocks in the United States experienced overnight declines, coupled with a surge in oil prices, causing market uncertainty. The KOSPI index dropped 130.6 points or 2.36 percent to reach 5,403.17 at the market opening. The U.S. market ended mixed on Thursday, with significant technology stocks posting losses, impacting the overall market sentiment.
The Dow Jones Industrial Average managed a slight gain of 0.02 percent, whereas the S&P 500 declined by 1.21 percent, and the tech-focused Nasdaq Composite fell 2.6 percent. Notably, Micron Technology plummeted 6.26 percent, while Nvidia and Intel experienced drops of 4.4 percent and 8.04 percent, respectively. The renewed concerns over the AI sector exacerbated global market downturns, while oil prices surged due to fears of potential supply interruptions following repeated attacks by Iran-aligned Houthi rebels on Saudi Arabian facilities.
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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