KOSPI plunges 12% on midterm blue wave and tech sector selloff says Goldman Sachs

Investing.com · 2026-11-06 16:13 UTC

KOSPI plunges 12% on midterm blue wave and tech sector selloff says Goldman Sachs

Investing.com -- South Korea’s KOSPI index fell 12% this week as a midterm blue wave and technology sector concerns drove the market lower, according to Goldman Sachs.

Foreign investors sold KOSPI shares, with outflows concentrated in technology stocks. The decline pushed the index to 44.5% below its June peak, approaching drawdowns seen during major historical crises such as the dot-com bubble and the global financial crisis, which reached 52% and 53% respectively.

The technology, machinery and insurance sectors led losses, while telecommunications, pharmaceutical and utilities sectors showed relative strength.

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