South Korean Market Opens Strongly Higher, Shrugging Off Overnight US Chip Stock Plunge

Deep News08:21

The South Korean stock market opened significantly higher on Wednesday, despite a massive sell-off in US semiconductor stocks overnight.

The Korea Composite Stock Price Index (KOSPI) opened up 152.95 points, a gain of 1.86%, to reach 8,356.79 points. The index had plunged nearly 10% on Tuesday, triggering a circuit breaker mechanism at one point.

Overnight, Wall Street closed lower, with memory chip and semiconductor stocks experiencing sharp declines. Broad concerns over the artificial intelligence sector also weighed on investor sentiment.

The Dow Jones Industrial Average fell 0.09%. The S&P 500 index dropped 1.44%, while the tech-heavy Nasdaq Composite Index declined 2.21%.

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