Seoul: Seoul shares opened lower Wednesday, influenced by overnight losses on Wall Street as investors reassessed the next phase of artificial intelligence (AI) trade. After opening 2.7 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) managed to pare losses, trading down 108.18 points, or 1.41 percent, at 7,548.13 as of 9:15 a.m.
According to Yonhap News Agency, overnight trading saw the Dow Jones Industrial Average fall by 0.25 percent, while the tech-heavy Nasdaq Composite declined by 1.16 percent. These declines have impacted local technology shares, further weighing on the benchmark index. Investors are now focusing on whether rising capital spending, intensifying competition, and expanding production capacity will result in the earnings growth needed to justify the elevated valuations of technology companies.
Tech stocks led the declines as market bellwether Samsung Electronics fell by 1.69 percent, and chip giant SK hynix declined by 0.95 percent. In other sectors, top carmaker Hyundai Motor dropped by 3.2 percent, and shipping firm Hanwha Ocean plunged by 5.46 percent.
However, not all sectors experienced losses. Among gainers, home appliance maker LG Electronics rose by 1.06 percent, and LG Display climbed by 5.33 percent. Meanwhile, the Korean won was trading at 1,518.65 won against the U.S. dollar as of 9:15 a.m., down 2.85 won from the previous session.