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The KOSPI index ended the week down 14.5%, its steepest weekly decline since October 2008, as foreign investors sold $3.6B in equities amid concerns over memory chip oversupply and a US September CPI print of 3.7%. A Thursday crash of over 8% triggered circuit breakers for both the KOSPI and KOSDAQ, halting trading for 20 minutes, with Samsung and SK Hynix leading the losses. South Korea's financial regulator held emergency meetings to stabilize the market, while President Lee Jae-myung issued public appeals for suicide prevention following the crash.
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Key sources
- SOURCE@firstsquawk“Worst Weekly Performance Since October 2008”x.com
- SOURCE@zerohedge“SOUTH KOREA'S KOSPI SINKS 8%, TRIGGERING CIRCUIT BREAKER”x.com
- SUPPORT@firstsquawk“ASIAN STOCKS ROSE 0.6% AS CHIP SHARES STABILIZED”x.com
- SUPPORT@thelonginvest“the president is telling people not to commit suicide”x.com
- SUPPORT@elonmusk“China will be making a LOT of RAM in 2028”x.com
- SUPPORT@singularityres“transformer maker Hyosung Heavy fell 14.7%, Samsung Electro-Mechanics 15.3% and chip toolmaker Eugene Technology 16.5%”x.com
- SUPPORT@cnbc“South Korean chip giant SK Hynix plunged over 10%, while rival Samsung Electronics fell 7.1%”x.com
- SUPPORT@melvininvests“decline to roughly 40% from its June highs”x.com