AI meltdown: Kospi crashes 9%, hits 9-month low as Wall Street bloodbath after midterm elections spills to
The Economic Times · Veer Sharma ·
The sell-off followed a global market rout on Thursday, which saw the Nasdaq 100 plunge 6.4%, wiping out a record $2.3 trillion in market value. The weakness extended across Asia on Friday, with chip-heavy indices coming under pressure. Japan's Nikkei 225 Stock Average and Taiwan's Taiex were also on course to enter technical bear market territory, having fallen 20% from their respective peaks.
The selling was led by market heavyweights Samsung Electronics Co. and SK Hynix Inc., which together account for nearly half of the index's total weight. Both stocks fell more than 11% in early trade before recovering some of their losses. The Kospi dropped as much as 8.8%, prompting the Korea Exchange to suspend trading for 20 minutes shortly after the market opened.
Other heavyweight stocks on the KOSPI also faced selling pressure. Battery maker LG Energy Solution declined 4%, while Hyundai Motor fell 6.9%. Its sister automaker Kia Corp lost 4%.
AI selloff extends beyond Korea
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