The KOSPI index has dropped over 6%, falling below the 6000 mark. Major semiconductor stocks Samsung Electronics and SK Hynix have seen declines of approximately 8% and 10%, respectively, contributing to the index's downturn.
As of 1:30 PM on October 13, the KOSPI was down 424.40 points (6.65%) at 5959.84, having widened its losses since the market opened, prompting a trading halt known as a sidecar.
The decline in the KOSPI is attributed to news of technological advancements from Chinese memory semiconductor company Changxin Memory (CXMT), which has reportedly made progress in DRAM technology and plans to launch next-generation server products by the end of the year.
The Philadelphia Semiconductor Index fell 2.60% overnight, while U.S. memory chipmaker Micron Technology dropped 3.88%. SK Hynix's American Depositary Receipts (ADRs) also fell by 4.02%. Other major players like NVIDIA (-1.29%), TSMC (-1.29%), and Broadcom (-1.88%) also experienced losses.
Large-cap semiconductor stocks are facing significant declines, with Samsung Electronics down 8.18%, SK Hynix down 10.65%, and SK Square down 12.40%. Foreign selling pressure has intensified.
In the securities market, individuals and institutions have net purchased 26.8 trillion won and 11.03 trillion won, respectively, while foreign investors have net sold 4.24 trillion won.
Most large-cap stocks are also in the red, including Samsung Biologics (-0.33%), Samsung Electro-Mechanics (-8.8%), and Hyundai Motor (-5.3%).
At the same time, the KOSDAQ index recorded a drop of 29.72 points (3.50%), standing at 819.59. In the KOSDAQ market, individuals have net sold 249.8 billion won, while foreign and institutional investors have net purchased 223.4 billion won and 16.5 billion won, respectively.
Most large-cap KOSDAQ stocks are also down, including Alteogen (-4.97%), EcoPro BM (-6.06%), Wonik IPS (-2.37%), and IOTech (-4.01%).
Seo Sang-young, an executive at Mirae Asset Securities, stated, "The technological advancements from China's Changxin Memory have heightened concerns over intensified competition in the semiconductor sector, compounded by fears of escalating tensions in the Middle East following the cancellation of Saudi flights, leading to increased risk aversion among investors."
As of 1:30 PM on October 13, the KOSPI was down 424.40 points (6.65%) at 5959.84, having widened its losses since the market opened, prompting a trading halt known as a sidecar.
The decline in the KOSPI is attributed to news of technological advancements from Chinese memory semiconductor company Changxin Memory (CXMT), which has reportedly made progress in DRAM technology and plans to launch next-generation server products by the end of the year.
The Philadelphia Semiconductor Index fell 2.60% overnight, while U.S. memory chipmaker Micron Technology dropped 3.88%. SK Hynix's American Depositary Receipts (ADRs) also fell by 4.02%. Other major players like NVIDIA (-1.29%), TSMC (-1.29%), and Broadcom (-1.88%) also experienced losses.
Large-cap semiconductor stocks are facing significant declines, with Samsung Electronics down 8.18%, SK Hynix down 10.65%, and SK Square down 12.40%. Foreign selling pressure has intensified.
In the securities market, individuals and institutions have net purchased 26.8 trillion won and 11.03 trillion won, respectively, while foreign investors have net sold 4.24 trillion won.
Most large-cap stocks are also in the red, including Samsung Biologics (-0.33%), Samsung Electro-Mechanics (-8.8%), and Hyundai Motor (-5.3%).
At the same time, the KOSDAQ index recorded a drop of 29.72 points (3.50%), standing at 819.59. In the KOSDAQ market, individuals have net sold 249.8 billion won, while foreign and institutional investors have net purchased 223.4 billion won and 16.5 billion won, respectively.
Most large-cap KOSDAQ stocks are also down, including Alteogen (-4.97%), EcoPro BM (-6.06%), Wonik IPS (-2.37%), and IOTech (-4.01%).
Seo Sang-young, an executive at Mirae Asset Securities, stated, "The technological advancements from China's Changxin Memory have heightened concerns over intensified competition in the semiconductor sector, compounded by fears of escalating tensions in the Middle East following the cancellation of Saudi flights, leading to increased risk aversion among investors."
* This article has been translated by AI.
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