KOSPI in Seoul falls 1.69% after Nasdaq decline — Korea Herald

In Seoul, South Korea, the benchmark KOSPI stock index fell 1.69% at the start of trading on Monday, to 5,572.10 points as of 9:15 a.m. local time. As Korea Herald reports, the decline came after a sell-off in technology stocks on Wall Street.

Reaction to US trading

At the opening, the KOSPI was down 3.17%, but later narrowed its loss to 95.95 points. On Friday, the index rose 2.05% and closed at 5,668.05 points, ending a streak of seven trading sessions of declines. Over that period, it lost 6.3%.

On Friday in US time, the Dow Jones Industrial Average fell 0.34%, while the technology-heavy Nasdaq Composite dropped 2.14%. Investors are also awaiting financial reports from Tesla and Meta Platforms this week, as well as the US midterm elections scheduled for November 3. Analysts pointed to uncertainty over interest rates, while concerns also remain over whether substantial investment in artificial intelligence infrastructure will generate sufficient returns.

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Technology companies led the decline

In Seoul, among technology companies, shares in Samsung Electronics fell 1.28%, while SK hynix declined 2.83%. Hyundai Motor shares lost 1.12%, and those of shipbuilder HD Hyundai Heavy Industries fell 3.7%.

Meanwhile, Korean Air shares rose 1.14%, and POSCO Holdings gained 0.51%. The South Korean won traded at 1,334.15 won per US dollar, strengthening by 2.35 won compared with the close of the previous trading session.