KOSPI sharply down late Mon. morning on chip profit-taking

South Korean shares experienced a significant decline on Monday morning, with the KOSPI index falling 2.37% to 6,913.41 points by 11:20 a.m. The sell-off was triggered by investors taking profits from large-cap tech shares. The index opened 0.33% lower, prompting a heavy selling spree from foreigners and institutions. Factors such as rising bond yields and uncertainty surrounding the Middle East crisis contributed to the bearish sentiment.

Notably, Samsung Electronics and SK hynix, two of the top performers in the index, saw their shares drop by 4.29% and 4.73% respectively. Additionally, SK Square, the parent company of SK hynix, plummeted 7.23% in value. The Korean won also weakened, trading at 1,361.2 won against the US dollar, a 4.2 won decline from the previous trading session's close.