Summary
- The Kospi was down 5.02% at 7,886.87 in early trading as a US-led semiconductor selloff weighed on the market.
- The Kospi opened down 4.46% and fell below the 8,000 mark for the first time since June 11.
- Major semiconductor stocks including Nvidia, Broadcom, Micron, AMD, and Intel, along with the Philadelphia Semiconductor Index, all posted sharp declines in New York trading.
South Korea’s Kospi slumped in early trading on July 2 as a US-led selloff in semiconductor stocks rattled the market.
As of 9:01 a.m., the benchmark index was down 5.02% from the previous session at 7,886.87. The Kospi opened 4.46% lower, dropping below the 8,000 mark for the first time since June 11.
Overnight in New York, major indexes closed lower after heavy selling hit chip stocks. Nvidia fell 1.25%, Broadcom dropped 2.23%, Micron Technology slid 10.57%, AMD lost 6.89%, Intel sank 9.03%, Applied Materials tumbled 9.97%, Lam Research fell 9.71% and SanDisk declined 10.62%. The Philadelphia Semiconductor Index plunged 6.27%.
Noh Jung-dong, Hankyung.com reporter dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.