Seoul: Seoul stocks were trading sharply lower, as uncertainties in the Middle East and artificial intelligence (AI)-related warnings dampened investor sentiment.
According to Yonhap News Agency, after opening over 3 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 151.27 points, or 2.19 percent, to 6,758.64, as of 11:27 a.m. Investors remained on the sidelines as anticipated Iran-Gulf talks on navigation in the Strait of Hormuz were postponed. Additionally, warnings from AI firms' executives over the pace of technology development further dampened investor sentiment.
Market top-cap Samsung Electronics saw a decline of 2.31 percent, with its rival SK hynix dipping 4.3 percent. Battery maker LG Energy Solution retreated 1.11 percent, carmaker Hyundai Motor tumbled 3.01 percent, while defense giant Hanwha Aerospace strengthened 4.07 percent. Meanwhile, the Korean won was quoted at 1,344.3 won against the U.S. dollar, up 0.2 won from the close of the previous stock trading session.