KOSPI Index Falls 6.1%, Samsung Electronics and SK Hynix Drop Over 7%

The KOSPI index in South Korea fell by 6.1% on Friday, influenced by the decline in stock prices of American chip manufacturers and the situation in the Middle East. Both Samsung Electronics and SK Hynix saw their stock prices drop by over 7%, leading to a temporary suspension of program trading on the Korean exchange. Recently, the frequency of trading suspensions in the South Korean stock market has increased, reflecting market instability. The sell-off on Friday occurred as investors sought to reduce risk, with tensions in the Middle East pushing oil prices close to $100 per barrel. After four consecutive days of net buying, global investors began to reduce their holdings in tech stocks. Shawn Oh from NH Investment & Securities noted that local funds are cutting back on tech stocks due to the ongoing situation in the Middle East to mitigate risk. Roy Lim from Samsung Securities pointed out that some Asian hedge funds are selling shares of Samsung and SK Hynix to increase their holdings in Changxin Technology, which is set to go public on July 27.

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