South Korea KOSPI index triggers circuit breaker during tech selloff
South Korean stocks halted trading Thursday after the benchmark KOSPI index fell 8% amid fears over US inflation and interest rates.
Chipmakers lead market decline
Samsung Electronics shares dropped nearly 10% while SK Hynix lost more than 11%. These losses followed a sharp decline in the Philadelphia Semiconductor Index overnight. The benchmark index hit its lowest level since late July.
Inflation data spooks investors
US inflation figures rose to 3.7% in September, which is higher than expected. Traders now expect the Federal Reserve to raise interest rates again soon. Wall Street also suffered losses with the Nasdaq Composite falling by almost 2%.
Trading halt marks tenth activation
This event represents the tenth time this year that a circuit breaker stopped trading on the KOSPI. Volatility in the market has climbed to its highest point since late August. Analysts note that capital raising sustainability remains a key concern for buyers.
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- Business Recorder
- The Guardian
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