South Korean stocks tumble as Chinese chip competition impacts Samsung and SK Hynix
On Tuesday, South Korea's KOSPI index saw a sharp decline of 10.17%. This followed the debut of Chinese firm CXMT on the Shanghai STAR Market, where its shares surged by 470%. The development triggered a massive sell-off of SK Hynix and Samsung Electronics stocks, both of which account for over 50% of the index. Furthermore, a broader downturn in global semiconductor stocks negatively affected major tech companies throughout Asia and other key chip markets.
by shortkt.com✓