(LEAD) Seoul stocks open lower as disappointing tech earnings trigger AI spending woes
SEOUL, Nov. 2 (Yonhap) -- Seoul stocks opened lower Monday weighed down by decli...
Seoul stocks commenced trading lower on Monday, impacted by a slump in U.S. technology equities due to apprehensions surrounding substantial investments in artificial intelligence (AI). The KOSPI, a gauge of major Korean stock exchanges, slipped 51 points, or 0.89 percent, to 5,679.74 by 9:15 a.m. on Monday. Wall Street indices, on the other hand, saw a decline on Friday, following poor quarterly reports from Intel and Amazon, further fueling worries over the viability of AI spending.
The S&P 500 took a downturn of 1.82 percent, while the tech-centric Nasdaq fell 2.86 percent. On the global scene, Iranian representatives were engaged in negotiations with Qatari mediators at Doha for the third day running, aimed at resolving the ongoing conflict between the U.S. and Iran. Investors are also keeping a watchful eye on the upcoming U.S. jobs report and the midterm elections scheduled for Tuesday.
Among the leading South Korean companies, Samsung Electronics and SK hynix, both chip producers, witnessed a decline of 2.89 percent and 0.63 percent, respectively. LG Energy Solution, a battery manufacturer, dropped 0.76 percent, Hyundai Motor, a carmaker, saw a slight decrease of 0.18 percent, and KB Financial, a financial institution, fell 2.77 percent.
At 9:15 a.m., the Korean won was trading at 1,335.2 won per U.S. dollar, a 0.9 won decrease from the previous day's closing rate.
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