KOSPI and KOSDAQ plunge in tandem as sidecar triggered... amid US inflation and AI profit concerns
South Korea's stock market plummeted on 15th, with the Kospi index falling up to 7% and the Kosdaq index dropping below 770 for the first time in a month and a half. The Kospi index was down 7.20% at 5576.46 at 11:16 am, while Samsung Electronics and SK Hynix shares were down 8.41% and 10.39% respectively. The sharp decline was attributed to a significant drop in US tech stocks overnight, triggered by higher-than-expected US consumer price index and concerns over inflation and interest rate hikes. The sell-off led to the activation of the sidecar mechanism in both the Kospi and Kosdaq markets.
Written by urgent.news from Hankyoreh's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
