South Korean stocks plunged on Tuesday as a sharp sell-off in semiconductor heavyweights dragged the benchmark KOSPI down over 10%, triggering market-wide circuit breakers. Shares of major market movers Samsung Electronics (KRX:005930), SK Hynix (KRX:000660), and LG Energy Solution (KRX:373220) declined 13%, 15%, and 6%, respectively.
The Korea Composite Stock Price Index, or Kospi, decreased by 732.09 points, or 10.8%, to end at 6,023.66. The Kosdaq also declined by 59.01 points, or 7.7%, to close at 705.85.
In economic news, South Korea's consumer sentiment improved in July, with the Composite Consumer Sentiment Index rising 0.2 points to 106.8, according to data from the Bank of Korea on Tuesday.
The reading compared with the 106.6 level recorded in the previous month. A reading above 100 indicates optimism, while a reading below suggests a deteriorating outlook.
Inflation expectations for the upcoming 12 months fell 0.1 percentage point to 2.7%.
In corporate news, Daewoo Engineering & Construction (KRX:047040) secured a contract worth 273 billion won from Korea Electric Power (KRX:015760) subsidiary Korea South-East Power for the design, procurement, and technical support for a heat and power plant.
Under the contract, Daewoo Engineering & Construction will supply gas and steam turbine generators, heat recovery steam generators, and related equipment for the Songsan combined heat & power plant in Gyeonggi province's Hwaseong, according to a Tuesday filing with the Korea Exchange.
The contract runs from July 27, 2026, to Nov. 30, 2029.
Shares of Daewoo Engineering & Construction plunged 12% at market close, while those of Korea Electric Power fell 7%.