KOSPI Crashes over 8 Pct on Tech Hemorrhage, U.S. Rate Woes; Won Rises After Verbal Intervention
Investors dumped tech and other heavyweights as the benchmark fell 8.37%, with the Korea Exchange halting trading for 20 minutes.
- The Korea Composite Stock Price Index nosedived 8.37 percent shortly after opening on Monday, triggering a 20-minute trading halt by the Korea Exchange as investors dumped market heavyweights.
- Heavy losses on Wall Street last week, fueled by semiconductor shares' biggest daily percentage drop since March 2020, combined with a hotter-than-expected U.S. jobs report for May that sparked fears of a hawkish Fed policy pivot.
- Market top-cap Samsung Electronics plummeted 8.51 percent, while chipmaking rival SK hynix slid 7.29 percent, and artificial intelligence investment firm SK Square plunged 9.78 percent.
- With losers outnumbering winners 873 to 42, trading volume reached 448.3 million shares worth 47.8 trillion won, while the Korean won slid 15.5 won against the U.S. dollar to 1,554.6 won.
- Analysts at Kiwoom Securities anticipated a "challenging" week as investors weigh U.S. inflation data and AI-related investment sustainability, though Internet portal operator Naver jumped 9.2 percent on joint AI factory news.
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16 Articles
On the 8th, as the KOSPI and KOSDAQ indices plummeted by the 8% and 9% ranges, respectively, the share prices of "KOSPI leaders" Samsung Electronics (-10.18%) and SK Hynix (-7.68%) fell below the 300,000 won and 2 million won marks, respectively. However, this correction [at] the lows
KOSPI crashes over 8 pct on tech hemorrhage, U.S. rate woes; won rises after verbal intervention
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