Seoul stocks opened sharply lower Tuesday as investors sold tech heavyweights after AI leaders called for the industry to slow down. The KOSPI fell 34.69 points, or 0.52 percent, to 6,649.68 as of 9:16 a.m. Wall Street also closed lower overnight, while rising U.S. bond yields and an upcoming U.S. Federal Reserve policy meeting weighed on sentiment. The won traded at 1,347.5 per dollar, down 1.3 won from the previous session.
The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Tuesday. Yonhap
Seoul stocks opened sharply lower Tuesday as investors sold off tech heavyweights following calls from artificial intelligence (AI) leaders that the AI industry should slow down.
The benchmark Korea Composite Stock Price Index (KOSPI) was down 34.69 points, or 0.52 percent, to 6,649.68 as of 9:16 a.m.
Overnight, stocks in the United States closed lower on a slump in tech stocks, as investors reacted to comments from AI executives that the industry should proceed more cautiously in developing AI to guard against potential risks.
