KOSPI falls 0.89% at start of trading in Seoul — Korea Herald

In South Korea, the benchmark Korea Composite Stock Price Index (KOSPI) fell by 51 points, or 0.89%, to 5,679.74 points at the start of trading in Seoul as of 09:15. The market came under pressure after a decline in U.S. technology stocks and concerns over companies’ large-scale spending on artificial intelligence.

Impact of U.S. trading

As Korea Herald reports, U.S. stock indices ended trading on Friday lower after Intel’s and Amazon’s quarterly results disappointed the market. The S&P 500 lost 1.82%, while the technology-heavy Nasdaq fell 2.86%.

Market participants are also watching the upcoming release of the U.S. employment report and the midterm elections in the United States, scheduled for Tuesday.

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Performance of major companies

In Seoul, shares of most large-cap companies declined. Samsung Electronics shares fell 2.89%, while SK hynix lost 0.63%. Shares of battery maker LG Energy Solution dropped 0.76%, Hyundai Motor fell 0.18%, and KB Financial declined 2.77%.

As of 09:15, the South Korean won was trading at 1,335.2 won per U.S. dollar, 0.9 won higher than at the close of the previous session.