South Korean Shares Plummet as Global Tech Selloff Hits Seoul Chip Giants; Samsung Loses 6%, SK Hynix Falls 9%
South Korean shares plunged at market close on Friday to end the week in red, as investors offloaded key chip stocks following overnight weakness in US semiconductor stocks.Market-moving semiconductor manufacturers Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) witnessed losses of over 6% and 9% in their stocks at the end of the trading day.The Korea Composite Stock Price Index or Kospi fell 478.82 points, or 5.5%, to end at 8,160.59. The Kosdaq also decreased by 47.29 points, or 4.5%, to close at 1,002.44.In economic news, South Korea booked a current account surplus of $28.3 billion in April, down from $37.9 billion in March, according to data from the Bank of Korea published Friday.The figure beat analysts' $11.4 billion surplus forecast, according to Trading Economics.In corporate news, TES (KOSDAQ:095610) secured a semiconductor manufacturing equipment contract from chipmaker SK Hynix, the South Korean manufacturer of chips, solar cell, and display equipment.The contract, valued at 21.2 billion won, is valid until Jan. 15, 2027. Its shares closed over 2% higher.
