Korean stocks opened more than 3% lower, dragged down by Wall Street tech selloff and Samsung strike concerns

Odaily Planet Daily News: South Korean stocks opened sharply lower on Wednesday, tracking the overnight selloff on Wall Street, pressured by declines in major U.S. tech stocks, higher-than-expected U.S. inflation, and uncertainty over the prospects of U.S.-Iran peace talks. The Korea Composite Stock Price Index (KOSPI) opened 1.7% lower and extended its losses to over 3%. The index ended a five-day winning streak on Tuesday, having briefly climbed to nearly 8,000 points during the session before investors began taking profits.

The overnight decline in Wall Street tech stocks further dampened investor risk appetite, reigniting concerns about the sustainability of massive investments in the artificial intelligence sector.

Investors are also worried about the rise in U.S. inflation in April, primarily driven by higher oil prices resulting from the U.S.-Israel war against Iran.

The market is also watching whether Samsung Electronics' labor union will push ahead with a full-scale strike, after the union and the company's management failed to bridge differences over performance bonus issues during a government-led mediation session that lasted through the night. (Jin Shi)