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Korean Stocks Fall More Than 4% From Record High on Tech Selloff

The South Korean Kospi index experienced a sharp decline, with some reports indicating a drop of up to 10%. The crash was driven by a selloff in chip heavyweights like Samsung Electronics and SK Hynix as investors questioned the sustainability of the AI rally. This downturn contributed to the worst weekly performance for South Korean shares since March.

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What changed

Recent data shows a severe single-day drop of nearly 10% and the activation of market circuit breakers.

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  1. South Korean Kospi Plummets Amid Global Tech Selloff

    The South Korean Kospi index experienced a sharp decline, with some reports indicating a drop of up to 10%. The crash was driven by a selloff in chip heavyweights like Samsung Electronics and SK Hynix as investors questioned the sustainability of the AI rally. This downturn contributed to the worst weekly performance for South Korean shares since March.

    What's confirmed:

    • South Korean stocks suffered their biggest weekly fall in more than three months.
    • The Kospi index experienced a decline of up to 10%.
    • Samsung Electronics and SK Hynix shares tumbled during the selloff.
    • The KRX activated a sell-side sidecar and a circuit breaker for the KOSPI due to the sharp fall.
    • The downturn was fueled by a broader selloff in AI-linked and semiconductor stocks.

    Still unconfirmed:

    • A regulator caution regarding leveraged ETFs contributed to the KOSPI plunge.
    • The Kospi could potentially reach 10,000 or plunge to 6,500.
    confidence 90%