South Korea shares tumble over 6% as chip selloff triggers trading curb
SEOUL: South Korea’s benchmark KOSPI index plunged over 6% on Tuesday, triggering a temporary trading curb, after US memory-chip maker Micron Technology fell overnight on reports of rapid tech advances by Chinese rival ChangXin Memory Technologies (CXMT). The Korea Exchange halted programme sell orders for five minutes at 9:47 a.m. local time after the KOSPI 200 futures index fell 5.08%, or 51.20…
South Korea's KOSPI index experienced a sharp decline of over 6% on Tuesday, prompting the Korea Exchange to temporarily halt programme sell orders. The index's drop was driven by a fall in US memory-chip maker Micron Technology, which was reported to be facing rapid technological advancements from Chinese rival ChangXin Memory Technologies (CXMT).
Analysts noted that this development has raised concerns about China's semiconductor industry narrowing the technology gap with global counterparts, impacting South Korea's tech-heavy market. Key sectors affected included chipmakers Samsung Electronics and SK Hynix, as well as LG Energy Solution and Hyundai Motor. The KOSPI index, which fell 5.93% to 6,002.06, marked its longest losing streak since September 2024.
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