Seoul, June 10 (SocialNews.XYZ) South Korean stocks started sharply lower on Wednesday on news that the United States has launched new strikes on Iran and overnight tech losses on Wall Street.
After opening 2.43 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) shed 125.98 points, or 1.56 percent, to 7,970.95 in the first 15 minutes of trading, reports Yonhap news agency.
The U.S. has struck Iran in response to the shooting down of an American Apache helicopter in the Strait of Hormuz, according to foreign media, which sapped investors' risk appetite.
Market sentiment was also weighed down as doubts over the valuation of stocks related to artificial intelligence (AI) resurfaced on a disappointing earnings forecast for Broadcom and news that Crusoe Energy Systems, a data centre developer, suspended one of its projects upon the request of an unidentified big tech customer.
The tech-heavy Nasdaq composite closed 0.97 percent lower, and the S&P 500 dropped 0.26 percent, while the Dow Jones Industrial Average rose 0.17 percent.
Major tech shares led the market decline, with Broadcom losing 1.12 percent, Apple sliding 3.64 percent, Micron falling 1.4 percent and Nvidia down 0.2 percent.
In Seoul, market top-cap Samsung Electronics kicked off 2.8 percent lower, tracking U.S. tech losses, while its chipmaking rival SK hynix dropped 2.08 percent.
AI investment firm SK Square dipped 3.31 percent, and Samsung Electro-Mechanics slipped 1.62 percent.
Samsung Life Insurance slid 5.6 percent, and Samsung C&T contracted 3.61 percent.
Home appliances maker LG Electronics pulled back 2.22 percent, and internet portal operator Naver plunged 4.28 percent.
Auto and battery shares were mixed.
Hyundai Motor rose 0.78 percent and its auto parts-making affiliate Hyundai Mobis jumped 2.18 percent, while its sister Kia dipped 0.55 percent.
Leading battery maker LG Energy Solution gained 1.01 percent, but its smaller rival Samsung SDI went down 0.58 percent.
Defence giant Hanwha Aerospace surged 4.04 percent.
The Korean won was trading at 1,516 won against the U.S. dollar at 9:15 a.m., down 3.9 won from the previous session.
—IANS
na/
Source: IANS
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