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, negatively impacted by lingering concerns surrounding substantial investments in artificial intelligence (AI) infrastructure as the U.S. midterm elections approach. The benchmark KOSPI index dropped 143.89 points, or 2.46 percent, to 5,715.19 at the opening bell.
This downturn follows mixed performances in U.S. stocks overnight, with investors closely monitoring the upcoming U.S. midterm elections. The tech-heavy Nasdaq Composite and S&P 500 both saw declines of 1.07 percent and 0.51 percent, respectively, as tech and AI shares faced uncertainty. Conversely, the Dow Jones Industrial Average managed a slight gain of 0.41 percent.
Additionally, oil prices experienced a decrease 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.
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