KOSPI 8% plunge sends 8,000line crashing; Samsung Electronics and SK hynix fall sharply
KOSPI fell 8% and broke below the 8,000line, while the KOSDAQ fell 9%. Samsung Electronics and SK hynix fell 9% and 8%, respectively, increasing market volatility.
KOSPI fell 8% and broke below the 8,000line, triggering a circuit breaker. The exchange halted trading for a set period. Intraday volatility was high.
The KOSDAQ fell 9%, posting a larger decline. Major KOSDAQ stocks also fell together. Investors' trading quotes fluctuated sharply.
Samsung Electronics fell 9%, while SK hynix fell 8%. Many large technology stocks declined sharply. Trading in some stocks was temporarily suspended.
Over three days, the index fell by around 1,300points. Selling pressure intensified as foreign investors sold shares amid concerns over interest rates. The market was also affected by the impact on the U.S. semiconductor sector.
SK hynix announced that it would jointly develop next-generation memory for “AI factories” with Nvidia. The two companies disclosed the scope of their cooperation and the areas where the technology would be applied. The company said the development would help it respond to demand for AI.
The exchange advised that trading restrictions could be imposed in the event of an additional sharp decline. Investors experienced concentrated orders and delays in execution. Volatility continued even after the market close.