South Korea's Kospi index falls 7% on semiconductor sell-off
Summarised from 2 outlets · Updated 13 Oct, 04:32 · Archive
South Korea's Kospi index fell 7.4% to its lowest level since late July amid a sell-off of semiconductor shares.
South Korea's benchmark Kospi index dropped 7.4% on Tuesday to 5,914.35, its lowest level since late July. The decline was driven by a sell-off of semiconductor shares. The index had reached an all-time high above 9,000 in June, supercharged by the global artificial intelligence boom.
Semiconductor companies bore the brunt of the losses. Samsung Electronics fell 7.7%, while memory chipmaker SK Hynix plunged 8.8%. The sell-off reflected broader concerns about the sustainability of the AI-driven rally that had propelled chip stocks higher in recent months.
The decline was part of a broader Asian market downturn following mixed performance in U.S. stocks. Japan's Nikkei 225 dropped 2.5% to 67,292.39. Chip equipment maker Tokyo Electron fell 6.6%, and SoftBank Group, an OpenAI investor, lost 8%.
How it is being reported
- South Korea's Kospi index sinks more than 7% on semiconductor share sell-off over AI boom worriesSouth Korea’s benchmark Kospi index has dropped more than 7% on Tuesday on a sell-off of chip shares and Asian shares mostly declined after U.S. stocks ended mixed.Clickorlando · 13 Oct, 03:56
- South Korea's Kospi index sinks more than 7% on semiconductor share sell-off over AI boom worriesSouth Korea’s benchmark Kospi index has dropped more than 7% on Tuesday on a sell-off of chip shares and Asian shares mostly declined after U.S. stocks ended mixed.News4Jax · 13 Oct, 03:56
In this story: South Korea · Samsung Electronics · SK Hynix · Japan · SoftBank Group
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem
Comments (0)