Seoul: South Korean stocks got off to a weak start Friday, tracking overnight losses on Wall Street, amid renewed valuation concerns over artificial intelligence (AI) equities. The benchmark Korea Composite Stock Price Index (KOSPI) fell 137.06 points, or 3.42 percent, to 3,867.79 in the first 15 minutes of trading.
According to Yonhap News Agency, U.S. shares closed lower overnight, led by declines in Nvidia despite strong quarterly results, as investors remained cautious about the recent sharp upturn in AI-related shares and their aggressive investment plans. Analysts noted that mixed jobs data also dampened expectations for interest rate cuts by the Federal Reserve. The Dow Jones Industrial Average lost 0.84 percent, while the tech-heavy Nasdaq composite sank 2.15 percent.
Market bellwether Samsung Electronics dipped 4.13 percent, and chip giant SK hynix retreated 7.88 percent. Leading battery maker LG Energy Solution slid 3.29 percent, and nuclear power plant builder Doosan Enerbility sank 5.53 percent. LG Chem fell 5.15 percent.
Top automaker Hyundai Motor shed 1.34 percent, and its sister affiliate Kia edged down 0.18 percent. Leading shipbuilder HD Hyundai Heavy went down 3.6 percent, while its rival Hanwha Ocean decreased 3.68 percent.
Leading financial group KB Financial declined 0.58 percent, while internet portal operator Naver lost 0.78 percent. Top steelmaker POSCO tumbled 2.8 percent. The local currency was trading at 1,470.45 won against the greenback at 9:15 a.m., down 2.55 won from the previous session.