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South Korea’s primary stock gauge experienced a sharp decline Wednesday, sinking nearly 7% as investors liquidated positions in the nation’s semiconductor holdings. The pullback reflected broader weakness across Asia’s technology sector and mounting concerns about chip industry fundamentals.
SK Hynix led the selloff with a 10% drop after the memory chipmaker’s latest quarterly earnings missed analyst expectations, despite reporting strong absolute profits. The company’s lackluster guidance overshadowed its financial results, spurring immediate portfolio exits among equity holders.
Samsung Electronics, another heavyweight in the index, fell more than 5% amid the contagion selling in semiconductor stocks. The dual decline of South Korea’s largest tech exporters accelerated broader market losses throughout Wednesday’s trading session in Tokyo.
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