Seoul:South Korean shares opened sharply lower, influenced by the overnight decline in U.S. artificial intelligence and semiconductor stocks, as well as rising oil prices, which contributed to market unease.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) dropped 130.6 points, or 2.36 percent, reaching 5,403.17 at the start of trading.
In the U.S., stocks closed with mixed results as major technology shares declined, impacting the broader market. The Dow Jones Industrial Average saw a slight increase of 0.02 percent, while the S&P 500 decreased by 1.21 percent and the Nasdaq Composite, known for its tech stocks, fell by 2.6 percent. Key technology companies suffered significant losses, with Micron Technology dropping 6.26 percent, and Nvidia and Intel experiencing declines of 4.4 percent and 8.04 percent, respectively.
Global markets were affected by renewed concerns in the AI industry, while oil prices rose due to fears of potential supply disruptions. This was following claims by Yemen's Iran-aligned Houthi rebels of attacks on key facilities in Saudi Arabia.