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<Asia>KOSPI Plummets ~11%, Triggering Circuit Breaker; Samsung Electronics Dives 6%+; Hanwha Aerospace, Hyundai Motor, Kia Each Slip 10%+
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The South Korean stock market experienced a massive sell-off, with the KOSPI tumbling 10.78% to 5,167 this morning (4th) after a 7.2% slump in the previous trading day. The KOSPI triggered a circuit breaker, which hit brake on trading for 20 minutes. Leveraged investors facing margin calls exacerbated the market downturn, report said. The AI boom juiced enormous growth in the South Korean bourse, with the KOSPI leaping by nearly 50% at its peak this year. However, due to the surge in oil prices wrought by the Iran war and cooling expectations for a Fed rate cut this year, investors are reassessing previously hot stock investments. Samsung Electronics slid over 6% this morning. SK Hynix sagged more than 4%. SK Square, Hanwha Aerospace, Hyundai Motor, and Kia each cascaded over 10%. AASTOCKS Financial News Website: www.aastocks.com |
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