Seoul: South Korean stocks started a tad lower Friday following tech losses on Wall Street and a sharp rise the previous session as investors are worried about valuation of artificial intelligence (AI)-related shares and a possible rate hike by the Federal Reserve. The benchmark Korea Composite Stock Price Index (KOSPI) lost 117.12 points, or 1.31 percent, to 8,813.18 at the opening bell.
According to Yonhap News Agency, overnight, U.S. stocks closed mixed as investors remained doubtful of large-scale AI investments and their profits. Data showed that U.S. consumer prices rose 4.1 percent in May, raising possibilities that the Federal Reserve would increase key rates. The S and P 500 lost 0.01 percent and the Nasdaq composite fell 0.46 percent, while the Dow Jones Industrial Average rose 0.14 percent.