Seoul shares open higher on bargain hunting amid AI spending concerns

Seoul shares opened higher Thursday, as investors attempted to buy oversold stocks despite losses on Wall Street amid concerns over artificial intelligence spending and uncertainty about the Federal Reserve's policy path.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.53 points, or 0.33 percent, to 5,681.77 at the opening bell.

On Wednesday, the index plunged 5.98 percent to close at 5,663.24, following a 10.84 percent decline the previous session.

Overnight, the Dow Jones Industrial Average fell 2.19 percent, while the tech-heavy Nasdaq Composite declined 1.74 percent.

The Fed on Wednesday (U.S. time) left its benchmark interest rate unchanged at 3.5-3.75 percent, marking a fifth consecutive pause.

The U.S. central bank offered little new guidance on the future path of interest rates, leaving investors with greater uncertainty. ...