(LEAD) stocks-open

(ATTN: UPDATES with latest figures in para 2; ADDS more info from para 6; CHANGES photo)

SEOUL, Nov. 3 (Yonhap) -- South Korean stocks started sharply lower Tuesday, weighed down by lingering concerns over massive spending on artificial intelligence (AI) infrastructure ahead of the U.S. midterm elections.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 196.71 points, or 3.36 percent, to 5,662.37 as of 9:15 a.m.

Overnight, U.S. stocks closed mixed as investors were focused on the U.S. midterm elections on Tuesday (U.S. time).

The tech-heavy Nasdaq Composite and the S&P 500 closed 1.07 percent and 0.51 percent lower, respectively, as tech and AI shares remained shaky, while the Dow Jones Industrial Average rose 0.41 percent.

Oil prices fell on optimism about a potential U.S.-Iran peace agreement.

In Seoul, most shares opened in negative territory.

Market bellwether Samsung Electronics tumbled 4.59 percent, and chipmaker SK hynix slumped 5.1 percent.

Top carmaker Hyundai Motor decreased 1.57 percent, and energy firm Doosan Enerbility sank 3.77 percent.

Leading shipbuilder HD Hyundai Heavy Industries fell 2.26 percent, and defense giant Hanwha Aerospace declined 0.81 percent.

The Korean won was trading at 1,342.05 won against the U.S. dollar as of 9:15 a.m., up 3.95 won from the close of the previous session.

(END)

[Copyright ⓒ K-VIBE. All rights reserved. Unauthorized reproduction and redistribution are prohibited.]