Seoul stocks open sharply lower after record surge on profit-taking

Seoul stocks opened sharply lower Monday, with the benchmark KOSPI falling 237.18 points, or 3.6 percent, to 6,358.27, as investors locked in profits after a record surge the previous session. The decline came despite a Wall Street rally fueled by Amazon's cloud unit revenue jumping 37 percent in the second quarter, boosting optimism for the AI sector. Han Ji-young, an analyst at Kiwoom Securities, noted that profit-taking was expected after the KOSPI vaulted around 17 percent Friday, the sharpest single-day gain on record.

Seoul stocks opened sharply lower Monday as investors went to lock in profits after a record-breaking surge the previous session. The benchmark Korea Composite Stock Price Index KOSPI opened 237.18 points, or 3.6 percent lower, at 6,358.27, at the opening bell. The index bucked a rally on Wall Street on Friday local time , as robust earnings from Amazon fueled investor optimism for the artificial intelligence AI sector. Revenue at Amazon's cloud computing unit jumped 37 percent in the second quarter ending in June, exceeding market expectations. "We may see investors attempt profit-taking early this week, as the benchmark KOSPI vaulted around 17 percent Friday, the sharpest single-day gain on record," Han Ji-young, an analyst from Kiwoom Securities, said.