08.06.202601:33:44UTC+00South Korean Shares Slump on Tech Selloff

The benchmark KOSPI fell 8% to around 7,500 on Monday, marking a third consecutive decline and hitting its lowest level in more than two weeks, as a sharp global selloff in technology stocks and renewed geopolitical tensions undermined risk appetite.

Sentiment deteriorated following steep losses on Wall Street, where semiconductor shares led a broad market pullback after stronger‑than‑expected US employment data strengthened expectations that the Federal Reserve may keep interest rates elevated for longer. Additional downward pressure came from rising tensions in the Middle East after reports that Iran had launched missiles at Israel, stoking fears that a fragile ceasefire could collapse.

Heavyweights Samsung Electronics (-8.1%) and SK hynix (-3.9%) led the decline, accompanied by SK Square (-8.0%), Hyundai Motor (-8.9%), and LG Energy Solution (-5.7%). Nonetheless, Nvidia announced a multi‑year AI partnership with SK hynix and broadened its AI collaborations in South Korea, bolstering expectations for sustained demand for high‑end memory chips.