World shares are mixed, while South Korea’s Kospi sinks nearly 11% on heavy selling of chipmakers
Foreign investors sold 4.98 trillion won as chipmakers tumbled and Korea Exchange halted trading after the Kospi fell more than 10%.
- South Korea’s benchmark Kospi index suffered its largest single-day drop in five months on Tuesday, plunging 10.84% to close at 6,023.66 after an aggressive sell-off in semiconductor heavyweights triggered automatic trading halts.
- The massive market rout was led by the country's two dominant memory-chip makers, with SK Hynix plummeting 14.7% and Samsung Electronics sinking 13.4%, wiping out billions in market value as foreign investors dumped a net 5 trillion won in shares.
- Global market sentiment was severely rattled by a technology report indicating that Chinese firm Shanghai Yuliangsheng has broken the Western monopoly by beginning mass production of homegrown deep ultraviolet chipmaking tools.
- Investor anxiety was further stoked by fears that the prolonged artificial intelligence boom is turning into a capital expenditure bubble, amplified by a massive 466% trading-debut surge from Chinese rival memory-maker CXMT in Shanghai.
- While regional neighbors felt the tech pain—with Tokyo's Nikkei diving 4% and Taiwan dropping over 4%—global markets outside of Asia remained mixed, as early European indexes like the FTSE 100 and DAX managed modest gains of 0.6%.
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87 Articles
The concern about increasing competition from China has caused the semiconductor titles to break down in Asia. However, the AI rally is also stalling in the USA. The DAX has also been slowed down.
The Korean Stock Market Crashes Overnight. Will it Be Another Brutal Nasdaq Sell-Off on Tuesday?
South Korea's KOSPI just suffered a historic overnight collapse, dragging Samsung and SK Hynix down double digits and sending shockwaves straight into US chip stocks before Tuesday's open. Whether this sparks another brutal Nasdaq sell-off depends on one critical signal forming in premarket right now.
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ussanews.comFutures Slide As Tech Rout Continues, Kospi Halted As It Crashes 10%
Futures Slide As Tech Rout Continues, Kospi Halted As It Crashes 10% Futures extend Monday’s losses as the Tech tape continues to unravel; global Semis were hit yesterday and again overnight (despite the best attempts of Goldman and JPM to force retail to buy the falling knives) with Asian stocks and especially Korea (-10%) bearing the brunt with fears of Chinese competition accelerating the sell-off and then spilling back over into the US. As …
The South Korean Kospi index broke down 11% this Tuesday, pulled by intense sales of shares from computer chip manufacturers, roles that have recently been hit by successive divestiture waves triggered by the fear that the artificial intelligence boom will turn out to be a bubble. Most other markets in Asia have retreated, while future contracts in the United States operated in a mixed way. Oil prices have fallen by more than 2%. Exclusive mater…
South Korea's KOSPI crashes around 11%: Circuit breaker triggered, market sees worst session in 5 months
Investor sentiment was also weighed down by developments in China, including the blockbuster listing of ChangXin Memory Technologies (CXMT) and reports that a Chinese state-backed company has started manufacturing immersion DUV lithography equipment.
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