Asia
South Korea's Kospi Crashes 10% as Investors Offload Tech Stocks; Samsung, SK Hynix Down 12%
A technology stocks-led sell-off dragged South Korean stocks sharply lower on Tuesday on strong profit-taking and following overnight losses on Wall Street. Major market-moving technology stocks Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) plunged over 12% at market close.The Korea Exchange activated a five-minute buy-side sidecar on the country's primary stock market around 11.40 am after the KOSPI200 Futures fell 76.06 points, or 5.12%, to trade at 1,407.54 amid the massive sell-off. A buy-side sidecar is activated when the KOSPI200 Futures index moves 5% or more for at least one minute.The benchmark Korea Composite Stock Price Index, or Kospi, fell 10%, or 910.71 points, to close at 8,203.84. The Kosdaq also decreased by 7.9%, or 76.88 points, to end at 891.52.In economic news, South Korea's composite consumer sentiment index rose to 106.6 in June from 106.1 in May, according to data released by the Bank of Korea on Tuesday. A reading above 100 indicates an improved outlook, while a reading below 100 suggests pessimism.Sentiment toward current living standards rose one point to 94, while sentiment on the future outlook was unchanged at 97. The outlook for future household income and the sentiment for future household spending were steady at 100 and110, respectively.In corporate news, a worker at HD Korea Shipbuilding & Offshore Engineering (KRX:009540) subsidiary HD Hyundai Samho died on Monday after being struck by a mooring rope during vessel berthing operations at Dolphin Pier 1 in Yeongam.The Ministry of Employment and Labor is investigating the matter, according to a Tuesday filing with the Korea Exchange.Shares of HD Korea Shipbuilding & Offshore Engineering fell nearly 8% at market close.
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