South Korean Stocks Rebound as KOSPI Turns Positive After AI Chip Selloff
The Seoul stock exchange’s KOSPI benchmark index turned positive in early trading, gaining 1.2% after initially dropping 2.7%. The recovery came after a turbulent opening that saw the tech-heavy KOSDAQ slide 3.6% before buyers stepped in. The rebound follows renewed selling pressure in the region and a sharp liquidation cycle across Asian equities earlier in the month.
South Korean equities skidded on July 2, wiping out roughly $350 billion as the KOSPI plunged nearly 8% and approached bear-market territory. The sell-off was anchored by semiconductor stocks, with Samsung Electronics and SK Hynix falling sharply amid concerns over artificial-intelligence chip oversupply. Meta Platforms Inc.’s plan to sell computing capacity sparked reassessments of valuations, prompting the Korea Exchange to activate a sidecar trading curb to halt program selling.
From the sources (19 posts)
@cryptorover🚨 KOSPI IS DOWN 1.30% TODAY, AND ONLY 2 AI CHIP STOCKS ARE DOING MOST OF THE DAMAGE. Samsung crashed 4.34%. SK Hynix fell another 2.87%. Together, they make up nearly half the entire index. Meanwhile, several Korean stocks are actually up
@cryptorover🚨 KOREA AND JAPAN JUST WIPED OUT $250 BILLION FROM THEIR INTRADAY HIGHS. KOSPI erased nearly ₩150 trillion ($95B) after falling 2% from the top. Nikkei wiped out another ¥24 trillion ($160B) after a 2.14% reversal.
@firstsquawkKorea Exchange Activates KOSPI Sidecar Trading Curb
@zerohedgeThat was fast. *KOREA EXCHANGE ACTIVATES SIDECAR TO HALT KOSPI PROGRAM SELLING
@zerohedge*SK Hynix Shares Fall 8.2% to KRW2,350,000
@bulltheoryioBREAKING: South Korean stock market halted program selling trading as KOSPI crashed -6.5%. Over ₩396,500,000,000,000 ($267 B) has been wiped out from the South Korean stocks in just 20 minutes.
@businessSouth Korean stocks slumped as Meta’s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers
@businessSouth Korean stocks slumped as Meta’s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers
@cnbcSamsung Electronics, SK Hynix shares tumble over 7% as chip rout spreads from Wall Street
@reutersAsian shares fall as chipmakers drag; US jobs data looms
@businessJapanese and South Korean semiconductor stocks tumbled after a selloff in US technology shares soured the mood across Asia
@zerohedge#2 *KOREA EXCHANGE ACTIVATES SIDECAR TO HALT KOSDAQ PROGRAM SELLING
@cryptoroverBREAKING: 🇰🇷 South Korea has halted selling after the KOSPI plunged 6.5%. The sell-off wiped out more than ₩400,000,000,000,000 in market value.
@cryptorover🚨 SOUTH KOREA’S AI BUBBLE IS BREAKING DOWN. The KOSPI just crashed nearly 7%, wiping out roughly ₩580 TRILLION ($350 BILLION) from Korean stocks in a single session. Samsung and SK Hynix, the two companies that helped drive Korea’s AI man
@barchartBREAKING 🚨: South Korea Korean Stocks plunged nearly 8% today and are on the brink of entering a bear market after falling 18.5% from last month's all-time high 📉 🐻
@firstsquawkSouth Korea's KOSPI index declines 2.7% as selling pressure intensifies.
@firstsquawkSouth Korea's tech-heavy KOSDAQ drops 3.6% in early trade.
@firstsquawkThe Seoul stock market’s KOSPI turns positive, up 1.2% after earlier declines.
@marketnews_feedTHE SEOUL STOCK MARKET’S KOSPI TURNS POSITIVE, UP 1.2% AFTER EARLIER DECLINES. ...