Seoul stocks opens lower following tech declines on Wall Street

Seoul stocks opened lower Wednesday, with the KOSPI down 0.87 percent, following tech declines on Wall Street driven by Nvidia's bond sale plan and caution ahead of the Federal Reserve's policy update. Nvidia's shares fell 2.4 percent after announcing a $25 billion bond issuance, while Samsung Electronics dropped 2.41 percent.

Seoul stocks opened lower Wednesday, partly driven by investors pulling out of stocks related to artificial intelligence AI in the U.S. market. The benchmark Korea Composite Stock Price Index KOSPI was down 75.79 points, or 0.87 percent, to 8,650.81, as of 9:15 a.m. The index followed declines on Wall Street overnight, where a tech sell-off knocked down the S&P500 by some 0.5 percent and the Nasdaq by 1.15 percent. Nvidia surprised investors with a plan to issue $25 billion worth of bonds, which marked the chip giant's first bond sale in five years. Its shares fell 2.4 percent. Investors were also cautious ahead of the Federal Reserve's policy update due Wednesday U.S. time afternoon, with some concerned that the new Fed chair could signal a more hawkish tone in this first meeting. "Given that overall market conditions are neutral or better, the market is expected to rotate away from semiconductors to other sectors and narrow losses," said Han Ji-young, an analyst from Kiwoom Securities. Market top-cap Samsung Electronics fell 2.41 percent, while its rival SK hynix inched up 0.76 per