(URGENT) Seoul shares open sharply lower amid persistent AI woes, rising oil prices

Seoul's stock market opened sharply lower on Friday, October 23, due to persistent concerns surrounding artificial intelligence and rising oil prices. The Korea Composite Stock Price Index (KOSPI) started the day 2.36 percent lower, falling 156.6 points, or 2.83 percent, to 5,377.17 by 9:15 a.m. local time.

Overnight, U.S. markets experienced mixed results, with major technology shares taking a hit, contributing to the decline in global markets. The Dow Jones Industrial Average managed a slight gain of 0.02 percent, while the S&P 500 fell 1.21 percent and the tech-focused Nasdaq Composite dropped 2.6 percent.

Key players in the AI sector suffered substantial losses, including Micron Technology, which fell 6.26 percent, and Nvidia and Intel, which dropped 4.4 percent and 8.04 percent, respectively. Concerns about potential supply disruptions in the oil market also weighed on investors, as attacks on Saudi Arabian facilities by Iran-aligned Houthi rebels remained a worry.

Samsung Electronics, the Korean market bellwether, suffered a 3.26 percent decline, while its chipmaking rival, SK hynix, dropped 2.21 percent. Battery maker LG Energy Solution and electronics component affiliate Samsung Electro-Mechanics also posted declines of 2.56 percent and 6.64 percent, respectively. The Korean won strengthened against the U.S. dollar, trading at 1,325.8 won per dollar by 9:15 a.m., up 0.7 won from the previous trading session.