Kospi opens sharply lower after U.S. tech sell-off

Stocks opened sharply lower Monday in the wake of a technology-centered sell-off on Wall Street, as concerns mount over whether heavy investment in AI infrastructure can generate sufficient returns.

The benchmark Kospi opened down 179.64 points, or 3.17 percent, at 5,488.41 at the opening bell.

The Kospi rose 2.05 percent to close at 5,668.05 on Friday, snapping a seven-session losing streak during which it had fallen 6.3 percent.

On Friday, the Dow Jones Industrial Average fell 0.34 percent and the tech-heavy Nasdaq Composite plunged 2.14 percent.

Investors remain cautious ahead of earnings reports from major companies, including Tesla and Meta Platforms, due this week, as well as the Nov. 3 U.S. midterm elections, amid continued uncertainty over the interest rate outlook, analysts said.

Yonhap