S. Korean stocks open 1.38% lower
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South Korean stocks open 1.38% lower, tracking Wall Street's slide due to semiconductor shock and rate hike fears
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The Dow Jones Industrial Average closed 1.35 percent lower on Friday, while the S&P 500 dipped 2.64 percent and the tech-heavy Nasdaq composite slid 4.18 percent.
SEOUL, June 8 (Yonhap) -- South Korean stocks opened more than 1 percent lower Monday, tracking Wall Street's slide sparked by the semiconductor shock and rate hike fears, with big-cap shares posting sharp declines.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 112.5 points, or 1.38 percent, to 8,048.09 at the opening bell.
The weak start came as major U.S. indexes suffered sharp losses last week, fueled by semiconductor shares' biggest daily percentage drop since March 2020 and the hotter-than-expected U.S. jobs report for May, which fueled fears of a hawkish policy pivot by the U.S. Federal Reserve.
The Dow Jones Industrial Average closed 1.35 percent lower on Friday (local time), while the S&P 500 dipped 2.64 percent and the tech-heavy Nasdaq composite slid 4.18 percent.
Major U.S. chip shares sharply lost ground, with Nvidia slumping 6.2 percent, Broadcom contracting 7.92 percent and Micron shooting down 13.25 percent.
