KOSPI Plunges 8%, Circuit Breakers Triggered as US Tech Selloff Ripples Through Asia
South Korea's KOSPI fell 8% on Monday, triggering circuit breakers amid a broad selloff of Asian tech stocks.
South Korea's benchmark KOSPI index plunged 8% on Monday, triggering circuit breakers for the first time in years. The selloff was part of a broader downturn across Asian markets, as fears over US big tech stocks spread globally.
Japan's Nikkei 225 also fell by 1%, while heavyweights Samsung Electronics and SK Hynix led the losses in Seoul. Trading halts were activated after the KOSPI's decline exceeded the threshold, halting activity for 20 minutes.
The rout followed sharp declines in major US tech stocks last week, with investors concerned about rising valuations and potential regulatory headwinds. Analysts noted that the Asian selloff reflected a risk-off sentiment across the region.
Market participants are now watching for further volatility as global markets adjust to shifting tech sector dynamics. The KOSPI's drop adds to a turbulent period for South Korean equities, which have faced pressure from both domestic and international factors.