Kospi plunges 8%, sell-side sidecar triggered as tech rout deepens; trading halted for 20 mins
Foreign investors sold 3.3 trillion won as chipmakers tumbled after Samsung Electronics forecast a 19-fold jump in quarterly profit.
- South Korea's Kospi index dropped more than 8% to 7,392.04 due to heavy selling pressure on technology stocks, particularly Samsung Electronics and SK Hynix, amid concerns over AI-related stock valuations.
- Samsung Electronics shares fell 9.3% despite reporting a 19-fold increase in profits, as investors booked profits after the stock more than doubled this year.
- SK Hynix shares declined 9.5% following the start of its marketing process for a proposed US listing aimed at raising about $28 billion.
- The MSCI Asia Pacific Index fell 1.7%, with other Asian markets also declining amid worries that AI stock valuations are too high and may not yield expected returns.
27 Articles
27 Articles
Samsung Electronics recorded a 19-fold leap in quarterly profit, but the result led investors to make profits after the strong valuation of shares throughout the year, driven by expectations around artificial intelligence (AI).In the era of online mistrust: Wikipedia fights for the soul of the internet under attack from all sides SK Hynix: South Korean giant chips seeks US$ 29 bi in stock offer to finance expansion in IA The company's roles fell…
The Korean stock exchange, often considered the epicenter of the artificial intelligence boom, fell about 5 percent on Tuesday.
South Korea's KOSPI tumbles 8%, triggering circuit breakers for sixth time this year
SEOUL: South Korean shares fell 8 per cent on Tuesday, led by chipmakers, as investors questioned whether record earnings tied to AI could hold up.The benchmark KOSPI was down 646.85 points, or 8.03 per cent, at 7,404.48, as of 4.53am GMT (12.53pm, Singapore time). It triggered circuit breakers at 4.51am GMT,
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