Kospi opens sharply lower amid tech uncertainties

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Kospi opens sharply lower amid tech uncertainties

Published: 01 Sep. 2025, 11:07

A logo of Alibaba is seen outside its offices in Beijing on Feb. 14. [AFP/YONHAP]

Korean stocks opened sharply lower Monday following reports that China-based Alibaba has developed a new artificial intelligence chip.

The Kospi fell 27.98 points, or 0.88 percent, to 3,158.03 in the first 15 minutes of trading.

On Friday, the tech-heavy Nasdaq composite closed 1.15 percent lower, following reports Alibaba has developed a new AI chip in China, which led to concerns over U.S. tech players, such as Nvidia.

In Seoul, top tech giant Samsung Electronics plunged 2.3 percent, and No. 2 chipmaker SK hynix slid 4.09 percent.

Battery maker LG Energy Solution decreased 0.14 percent, and Samsung SDI lost 1.69 percent.

Chemical shares opened bearish as well, with LG Chem losing 1.98 percent and SK Innovation declining 0.84 percent. Cosmetics maker Amorepacific lost 1.25 percent.

The local currency was trading at 1,391.7 won against the U.S. dollar at 9:15 a.m., up 0.12 percent from the previous session's 3:30 p.m. quote of 1,390.1 won.

Yonhap