Seoul shares opened sharply lower as investors took profits in technology stocks amid concerns over the ongoing conflict in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) fell 323.91 points, or 4.45 percent, to 6,960.50 at the opening bell. The index spiked 6.24 percent Wednesday as softer-than-expected U.S. inflation data eased concerns over near-term Federal Reserve rate hikes. Overnight, the Dow Jones Industrial Average rose 0.29 percent to 52,658.64, while the tech-heavy Nasdaq Composite declined 0.62 percent to 26,269.23. Concerns over artificial intelligence (AI) reemerged, sending major AI-related tech stocks on Wall Street lower overnight. On Wednesday (U.S. time), the United States launched fresh strikes on Iran. The escalating conflict in the Middle East has revived concerns over energy supplies from the region.
Seoul shares open lower, tracking Wall Street losses amid Middle East tensions