The benchmark KOSPI fell 450.02 points to 5,558.79, a 7.49% collapse that marks the seventh straight loss‑session streak and a 35% slide from the June high—triggering a five‑minute sell‑side ‘sidecar’ halt on program sell orders.
Samsung Electronics shares dipped 9.05% and SK Hynix slumped 11.06%, echoing the broader semiconductor weakness that saw TSMC drop 2% and Japan’s Kioxia plunge over 11%. LG Energy Solution and Hyundai Motor also fell 3.44% and 3.99% respectively.
The currency market reflected the sell‑off: the won strengthened 0.21% to 1,339.5 per dollar, while foreign investors liquidated 355.6 billion won of equities, widening the negative breadth to 768 down versus 90 up.
The sidecar mechanism, designed to curb rapid declines, paused program sell orders for five minutes after the KOSPI’s 7‑session descent, a move that underscored the exchange’s concern over a potential contagion from the U.S. tech slump.
Global indices mirrored the trend: the S&P 500 e‑mini fell 0.5%, Nasdaq Composite 1.9%, and MSCI APAC (excluding Japan) dropped 3.3%. Bond yields eased slightly, with the three‑year Korean Treasury yield at 3.855% and the 10‑year at 4.224%.
Looking ahead, the market watches Fed minutes for clues on rate hikes, as higher borrowing costs loom over tech valuations. Earnings season will be decisive, with semiconductor firms poised to report Q4 figures that could either confirm a recovery or deepen the sell‑off.