Seoul shares open sharply lower on AI woes ahead of US midterm elections
A screen at the dealing room of Hana Bank’s headquarters in Seoul shows the KOSPI and Kosdaq indices, Tuesday. Yonhap
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 elections on Tuesday (U.S. time).
The tech-heavy Nasdaq Composite and the S&P 500 closed 1.07 percent and 0.51 percent lower, respectively, as tech and AI shares remained shaky, while the Dow Jones Industrial Average rose 0.41 percent.
Oil prices fell on optimism about a potential U.S.-Iran peace agreement.