Seoul chip rout sends Asian stocks to two-month low
SOXX•Emerging Asian equities fell nearly 3.5% to their lowest since early August as South Korean chipmakers sold off. South Korea’s KOSPI dropped 5.5%, while SK Hynix fell 10%.
1. Regional stocks slide
An index tracking emerging Asian equities tumbled nearly 3.5% to its lowest level since early August, while a broader Asia-Pacific gauge outside Japan fell nearly 3% to its lowest since late July.
2. Chipmakers lead losses
South Korea’s KOSPI closed down 5.5%, extending its losses to nearly 14% over five sessions. Samsung Electronics fell 7.4% and SK Hynix slid 10%, as worries about Chinese competition, the durability of the AI-driven semiconductor rally and high borrowing costs weighed on sentiment. Taiwan’s TSMC fell nearly 2% ahead of earnings later in the week.
