KOSPI plunges 5.46% as foreign selling drives valuations to record low
KOSPI plunged 5.46 percent Tuesday, as heavy foreign selling and deteriorating sentiment toward semiconductor stocks pushed the benchmark index's 12-month forward price-to-earnings ratio to a record low on a closing basis. KOSPI closed at 6,035.35, down 5.46 percent. A sell-side sidecar was triggered at 9:47 a.m., marking the 26th activation this year. It fell below 6,000 intraday before…
The Korea Times reports that the KOSPI index experienced a significant drop of 5.46 percent on Tuesday, driven by heavy foreign selling and declining sentiment towards semiconductor stocks. The benchmark index closed at 6,035.35, marking a 12-month forward price-to-earnings ratio at a record low. A sell-side sidecar was triggered at 9:47 a.m., marking the 26th activation this year.
Foreign investors sold a net 4.51 trillion won ($3.36 billion), while institutional and retail investors bought 1.69 trillion won and 2.23 trillion won, respectively. Semiconductor stocks, particularly SK hynix and Samsung Electronics, led the decline, with SK hynix falling 10.09 percent and Samsung Electronics dropping 7.39 percent.
The decline in semiconductor stocks is attributed to factors such as Toshiba's plans to expand HDD production and CXMT's planned launch of new server memory products.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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