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Kospi Enters Bear Market! What South Korea’s Finance Minister Said After 20% Crash
Samsung Electronics and SK Hynix fell after investors questioned whether AI spending can keep driving chip demand, Reuters reported.
- On Wednesday, the Korea Composite Stock Price Index fell 5.35%, dropping more than 20% from its June record and entering a technical bear market.
- Chipmaker Samsung Electronics and Hynix led the selloff, falling 6.3% and 5.7% respectively, as investors questioned the sustainability of AI-related spending overnight.
- Kiwoom Securities analyst Han Ji-young said, "There seems to be spill-over effects," noting the Philadelphia Semiconductor Index dropped 4.7% overnight.
- South Korean Finance Minister Koo Yun-cheol pledged to closely monitor market volatility, citing worries about recently introduced single-stock leveraged ETFs linked to chipmaker stocks.
- Foreigners became net buyers of shares after 13 straight sessions of selloffs, while Deputy Finance Minister Moon Ji-sung said "supply-demand dynamics are expected to shift.
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South Korea's Kospi Led Global Stocks And Hit an All-Time High Just Weeks Ago. Then It Went Into Bear Territory
South Korea's benchmark Kospi stock market index has tumbled into bear-market territory just weeks after reaching a record high and taking the title of the best-performing market of the year.
·New York, United States
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KOSPI crashes into bear market: How the AI trade turned against South Korea’s hottest stocks
Samsung posted record profit guidance, SK Hynix’s $28 billion US listing drew strong demand, and yet Korean chip stocks sold off. The problem is no longer AI demand. It is how much of that demand was already priced in.
·Mumbai, India
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Coverage Details
Total News Sources9
Leaning Left1Leaning Right4Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
13%
C 37%
R 50%
Factuality
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