Kospi opens higher despite Wall Street losses, AI concerns

Stocks opened higher Wednesday after a 5.46 percent plunge, despite Wall Street losses and persistent concerns over AI spending.

Published
A dealing room display at Hana Bank headquarters in Jung District, central Seoul, shows the Kospi closing down 5.46 percent at 6,035.35 on Oct. 13.

Stocks opened a tad higher Wednesday, despite overnight losses on Wall Street amid lingering concerns about AI spending.

The Kospi rose 26.73 points, or 0.44 percent, to 6,062.08 at the opening bell.

The index tumbled 5.46 percent the previous day, dragged down by losses in technology shares amid renewed woes over big AI firms’ heavy capital spending.

U.S. stocks closed lower. The Dow Jones Industrial Average declined 0.35 percent, and the Nasdaq declined 0.15 percent.

The PHLX chip index fell 0.23 percent, down for a fifth straight session, while Broadcom CEO Hock Tan likened the current AI investment flow to “casino gambling.”

Yonhap

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