South Korean stock index falls amid sell-off in technology shares
In Seoul, South Korea, the benchmark Korea Composite Stock Price Index fell by 34.69 points, or 0.52%, to 6,649.68 points at the start of trading on Tuesday. Investors sold shares of major technology companies after leaders in the artificial intelligence sector called for more cautious development of the industry due to potential risks, Korea Herald reports.
US indices and bonds
On the previous day, US stock indices also ended trading lower due to a decline in technology-sector shares. The S&P 500 lost 0.48%, while the technology-heavy Nasdaq fell by 0.56%.
Investor sentiment was additionally affected by rising yields on US government bonds. The yield on benchmark 10-year US Treasury bonds reached 5%, a level last briefly recorded in October 2023.
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Company quotations and the won exchange rate
Among major companies on the market, Samsung Electronics shares were trading unchanged, while SK hynix shares rose by 0.24%. Shares of battery maker LG Energy Solution declined by 0.71%, automaker Hyundai Motor by 0.67%, and financial company KB Financial by 1.1%.
As of 9:16 a.m. local time, the South Korean won was trading at 1,347.5 won per US dollar, 1.3 won lower than after the close of the previous trading session. Investors are also monitoring the US Federal Reserve's interest rate decision, which is expected this week.
