South Korea's KOSPI triggers circuit breaker in tech-led selloff
Asian markets experienced a sharp sell-off on Thursday (Oct 15) as tech firms suffered another significant decline. The rapid rise in US consumer price inflation fueled expectations that the Federal Reserve would need to increase interest rates more frequently. Seoul and Tokyo were particularly affected, with the Kospi index in Seoul plummeting over 7%, while SK hynix and Samsung experienced over 10% losses.
In Tokyo, the Nikkei 225 fell more than 5%, with Kioxia and Advantest dropping over 11% and 13% respectively. SoftBank also saw a decline of over 9%. Taipei also saw a loss of more than 3%, with TSMC dropping around 3%. The selling was not limited to these major markets, as Hong Kong, Shanghai and Jakarta also saw declines. The US CPI data, which indicated a 3.7% increase in September, contributed to the market turbulence, as well as concerns about overvalued tech stocks and the potential for the Fed to raise interest rates more quickly than anticipated.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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