Seoul: Seoul shares opened sharply lower as investors took profits in technology stocks amid concerns over the ongoing conflict in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) fell 323.91 points, or 4.45 percent, to 6,960.50 at the opening bell.
According to Yonhap News Agency, the index had previously spiked 6.24 percent on Wednesday as softer-than-expected U.S. inflation data eased concerns over near-term Federal Reserve rate hikes. However, overnight developments saw the Dow Jones Industrial Average rise 0.29 percent to 52,658.64, while the tech-heavy Nasdaq Composite declined 0.62 percent to 26,269.23.
Concerns over artificial intelligence (AI) reemerged, sending major AI-related tech stocks on Wall Street lower overnight. On Wednesday, the United States launched fresh strikes on Iran, escalating the conflict in the Middle East and reviving concerns over energy supplies from the region.