Seoul shares open sharply lower on AI woes ahead of US midterm elections
Korean stocks started sharply lower Tuesday, weighed down by lingering concerns over massive spending on artificial intelligence (AI) infrastructure ahead of the U.S. midterm elections. The benchmark Korea Composite Stock Price Index (KOSPI) fell 143.89 points, or 2.46 percent, to 5,715.19 at the opening bell. Overnight, U.S. stocks closed mixed as investors were focused on the U.S. midterm…
The Korea Times reports that Korean stocks opened sharply lower on Tuesday, driven by lingering concerns over significant investments in artificial intelligence (AI) infrastructure ahead of the U.S. midterm elections. The Korea Composite Stock Price Index (KOSPI) fell by 2.46 percent, reaching 5,715.19 at the opening bell. U.S. stocks also closed mixed on the same day, with tech-heavy Nasdaq Composite and S&P 500 both declining by 1.07 percent and 0.51 percent respectively, as tech and AI shares were particularly shaky.
Meanwhile, the Dow Jones Industrial Average managed a slight gain of 0.41 percent. Oil prices experienced a drop due to optimism surrounding a potential U.S.-Iran peace agreement.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
