KOSPI Crashes 10% As China News Rocks Memory Stocks

South Korea's KOSPI Composite Index just posted one of its steepest single-day declines of the year, tumbling roughly 10.84 percent Tuesday as fears over China's advancing semiconductor capabilities rocked global chip markets. The index is now down about 28 percent over the past month and more than 35 percent from its recent 52-week high of 9,385.59, though it still sits up roughly 43 percent year-to-date. The selloff was triggered by a report from The Information saying a state-backed Chinese manufacturer had entered mass production of domestically developed deep ultraviolet lithography systems, raising the possibility that Chinese memory-chip makers could soon scale production using homegrown equipment. Samsung Electronics plunged 13.39 percent and SK Hynix fell 14.65 percent in Seoul, its steepest one-day decline in months. Combined, those two chip giants account for nearly half of the KOSPI index. SK Hynix's Nasdaq-listed ADRs also broke below their 149 dollar IPO price for the first time following the company's 26.5 billion dollar U.S. listing earlier this month. The company remains Nvidia's leading supplier of high-bandwidth memory chips and is scheduled to report quarterly earnings Wednesday in its first results since going public in the U.S. #KOSPI #SKHynix #Semiconductors 🌐 Find more market-moving insights at https://www.benzinga.com — your one-stop destination for the latest financial news, data, and expert analysis to stay ahead of the markets. 🖥️ Want the same tools the pros use—without the $10K Bloomberg terminal? Benzinga Edge gives you real-time portfolio alerts, weekly stock picks, and pro-grade research in one command center. 👉 https://bit.ly/4unSKiB ------------------------------------------------------------------------------------ 📲 Follow us on socials @benzinga 🔔 Subscribe To The Channel: https://www.youtube.com/@Benzinga ------------------------------------------------------------------------------------ ⚠️ Disclaimer: Investing in financial markets carries risk, and there are no guaranteed returns. All information is for educational purposes only and should not be taken as financial advice. Always do your own research and speak with a qualified financial advisor before making investment decisions. Only invest what you can afford to lose. Past performance does not guarantee future outcomes.