S. Korean shares open sharply lower on Wall Street losses


South Korean stocks saw a sharp decline in early trading on Wednesday, following losses on Wall Street. The Korea Composite Stock Price Index (Kospi) dropped by 60.72 points, or 2.28 percent, to 2,603.91 in the first 15 minutes of trading. This was in response to the Dow Jones Industrial Average falling by 1.51 percent and the Nasdaq plunging by 3.26 percent, with tech giants like Nvidia and Intel leading the decline due to lower-than-expected US manufacturing purchasing managers index (PMI) data. In Seoul, major companies such as Samsung Electronics, SK hynix, LG Energy Solution, Samsung SDS, Hyundai Motor, and Kia Motors all experienced significant losses as the local currency traded at 1,342.75 won against the US dollar, down 1.35 won from the previous session. The overall sentiment was negatively impacted by the disappointing PMI data from the US, leading to a widespread downturn in the South Korean stock market.


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