South Korean Stocks Open Lower on Tech Losses, Rate Hike Worries
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South Korean stocks opened lower on Friday, with the KOSPI index falling 1.31% due to tech losses on Wall Street and concerns over AI share valuations and potential Federal Reserve rate hikes.
KI-generierte Zusammenfassung
SEOUL, June 26 (Yonhap) -- South Korean stocks started a tad lower Friday following tech losses on Wall Street and a sharp rise the previous session as investors are worried about valuation of artificial intelligence (AI)-related shares and a possible rate hike by the Federal Reserve.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 117.12 points, or 1.31 percent, to 8,813.18 at the opening bell.
Overnight, U.S. stocks closed mixed as investors remained doubtful of large-scale AI investments and their profits, while data showed that U.S. consumer prices rose 4.1 percent in May, raising possibilities that the Federal Reserve would increase key rates.
The S&P 500 lost 0.01 percent and the Nasdaq composite fell 0.46 percent, while the Dow Jones Industrial Average rose 0.14 percent.
