Kospi opens sharply lower due to AI woes

Shares opened sharply lower on Friday, weighed down by overnight losses in U.S. AI and semiconductor stocks while rising oil prices added to market jitters.

The benchmark Kospi fell 130.6 points, or 2.36 percent, to 5,403.17 at the opening bell.

Overnight, U.S. stocks closed mixed, with losses in major technology shares weighing on the broader market.

The Dow Jones Industrial Average rose 0.02 percent, while the S&P 500 fell 1.21 percent and the tech-heavy Nasdaq composite shed 2.6 percent.

Micron Technology plunged 6.26 percent, and Nvidia and Intel tumbled 4.4 percent and 8.04 percent, respectively.

Renewed jitters over the AI industry dragged global markets lower, and oil prices climbed due to concerns over potential supply disruptions after Yemen’s Iran-aligned Houthi rebels said that they had again attacked key facilities in Saudi Arabia.

Yonhap