Seoul's KOSPI opens 2.99% lower as Wall Street tech sell-off hits Asia
Briefing by News4U · First published
In a News4U market summary for Friday's Asia morning session, Yonhap reported that South Korean stocks opened lower as overnight Wall Street losses and renewed doubts over the sustainability of the AI boom weighed on sentiment. The KOSPI fell 177.31 points, or 2.99%, to 5,760.35 at the open after dropping 1.24% in the previous session on profit-taking in chip stocks. Overnight, Alphabet plunged more than 12% after third-quarter revenue rose 25% on year to $127.58 billion but missed expectations, while the Nasdaq Composite shed 1.38% and the Philadelphia Semiconductor Index fell 1.4%, pressuring South Korean chipmakers. [1]
Sources
- Seoul stocks open lower on Wall Street losses, AI concerns
Yonhap Business · · Full text