In brief
Seoul’s main index slipped by about 0.9% in early trade, mirroring declines in the U.S. S&P 500 and Nasdaq after Intel and Amazon posted disappointing quarterly results. Major Korean firms such as Samsung Electronics and SK Hynix fell while the won weakened against the dollar.
Seoul stocks opened lower Monday, weighed down by disappointing quarterly earnings from U.S. tech giants Intel and Amazon that amplified concerns over the sustainability of artificial‑intelligence spending, Yonhap reported.
By 9:15 a.m. the benchmark Korea Composite Stock Price Index (KOSPI) had slid 51 points, or 0.89 percent, to 5,679.74, reflecting nervous investors after the U.S. market closed in the red.
The decline in Seoul mirrored the drop on Wall Street, where the S&P 500 fell 1.82 percent and the tech‑heavy Nasdaq declined 2.86 percent after the two companies announced earnings that fell short of expectations.
Market reaction in Seoul
Most of the nation’s top‑cap stocks were trading lower in the open session. Samsung Electronics fell 2.89 percent, while chipmaker SK Hynix slid 0.63 percent. Battery maker LG Energy Solution retreated 0.76 percent, carmaker Hyundai Motor slipped 0.18 percent, and financial firm KB Financial dipped 2.77 percent.
Investor worry had been amplified by a broader narrative that the high capital outlays required to develop next‑generation AI tools may be harder to justify than previously thought, according to analysts cited by Yonhap.
Meanwhile, the Korean won was trading at 1,335.2 won per U.S. dollar as of 9:15 a.m., down 0.9 won from the close of the previous session, reflecting a slight weakening of the currency amid global market turbulence.
The downward pressure on the won and the index came as global markets were also digesting other developments. In the Middle East, Iranian negotiators held talks in Doha with Qatari mediators to try to end the U.S.–Iran dispute, while U.S. investors were keeping a close eye on the nation’s jobs report and the upcoming midterm elections slated for Tuesday.
Overall, the day’s mixed signals have led investors in Seoul to pause, with many firms' valuations being dragged down by the broader concern that the hype surrounding AI may not yet have translated into sustainable revenue streams, a sentiment echoed repeatedly across the market.
Until the closing of the session, the cumulative impact of these factors was expected to remain, pending fresh corporate earnings releases and further economic data.
