Key facts
- KOSPI opened down 3.17% at 5,488.41 on Monday.
- US markets saw a tech-heavy sell-off on Friday.
- Investors are cautious ahead of earnings reports from Tesla and Meta Platforms.
- Concerns exist over AI infrastructure investment returns.
Seoul stocks opened sharply lower on Monday, mirroring a technology-driven sell-off on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.17% to 5,488.41 at the opening bell, following concerns about the returns on heavy investments in artificial intelligence infrastructure. On Friday, the Dow Jones Industrial Average declined 0.34% and the tech-heavy Nasdaq Composite plunged 2.14%. Investors are also awaiting earnings reports from major companies like Tesla and Meta Platforms, as well as the U.S. midterm elections on November 3, amid ongoing uncertainty regarding interest rates.