Kospi Plunges 8%, Triggering Halt as Samsung and SK Hynix Tumble 10%
Updated
Updated · Bloomberg · Jul 7
Kospi Plunges 8%, Triggering Halt as Samsung and SK Hynix Tumble 10%
3 articles · Updated · Bloomberg · Jul 7
Summary
Korea’s Kospi sank 8% and briefly halted trading after SK Hynix and Samsung Electronics each fell 10% in a sharp chip-led sell-off.
The drop intensified as investors dumped technology shares, deepening concern that the AI-driven rally had run ahead of fundamentals.
Samsung slid despite reporting a 19-fold jump in profit, while SK Hynix came under added pressure after starting the marketing process for a US listing.
Across the region, the MSCI Asia Pacific Index fell 2%, extending an earlier slide in Asian equities as chip stocks dragged markets lower.