Kospi opens lower as DeepSeek shock shakes tech shares

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Kospi opens lower as DeepSeek shock shakes tech shares

A persons stands in front of a screen in Hana Bank's trading room in central Seoul, which shows the Kospi opening on Friday. [YONHAP]

A persons stands in front of a screen in Hana Bank's trading room in central Seoul, which shows the Kospi opening on Friday. [YONHAP]

 
Shares started lower Friday after a weeklong holiday, bracing for the aftermath of the emergence of Chinese AI startup DeepSeek.
 
The Kospi shed 33.33 points, or 1.31 percent, to 2,503.47 in the first 15 minutes of trading. The Kospi was closed from Monday to Thursday due to the Lunar New Year holiday.
 

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The "DeepSeek shock" drove down big-cap tech shares, with Samsung Electronics down 2.61 percent and SK hynix plunging 9.59 percent.
 
Earlier this week, the low-cost AI models from China's DeepSeek rattled global stock markets.
 
Major U.S. indexes, however, gained ground overnight as investors moved to bag in tech shares following a slide sparked by DeepSeek.
 
In Seoul, LG Energy Solution decreased 1.56 percent, and Posco Holdings lost 1.34 percent.
 
Auto shares were also weak, with Hyundai Motor down 0.98 percent and Kia dropping 0.88 percent.
 
Hanwha Aerospace also declined 2.07 percent.
 
Recent data also showed the world's largest economy is still strong, boosting investor sentiment.
 
The local currency was trading at 1,448.80 won against the U.S. dollar at 9:15 a.m., sharply up 17.5 won from the previous session.
 
 

Yonhap
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