Key facts
- South Korean stocks fell sharply late Thursday morning.
- The KOSPI index dropped 298.38 points, or 4.52 percent, to 6,299.88.
- Tech shares led the decline, with Samsung Electronics down 5.89 percent and SK hynix down 8.75 percent.
- The Korea Exchange activated a sell-side sidecar for the KOSPI.
- The Nasdaq Composite lost 0.83 percent overnight.
Seoul shares extended losses late Thursday morning as investors dumped large-cap tech shares, following a rise in the previous sessions. The benchmark Korea Composite Stock Price Index (KOSPI) fell 298.38 points, or 4.52 percent, to 6,299.88 as of 11:20 a.m.
Tech shares led the decline in Seoul. Market bellwether Samsung Electronics sank 5.89 percent, and its chipmaking rival SK hynix slumped 8.75 percent. Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, plunged 9.11 percent, and SK Square, the parent of SK hynix, dived 11.62 percent.
Overnight on Wall Street, the tech-heavy Nasdaq Composite lost 0.83 percent, its first decline in five sessions, as tech heavyweights, including Alphabet and Advanced Micro Devices, lost ground. The Dow Jones Industrial Average extended its winning streak.
Top carmaker Hyundai Motor dropped 2.35 percent, and leading energy firm Doosan Enerbility lost 1.69 percent. However, defense giant Hanwha Aerospace rose 4.17 percent, and cosmetics maker APR jumped 4.34 percent on its solid second-quarter earnings.
The Korean won was trading at 1,416.25 won against the U.S. dollar as of 11:20 a.m., up 8.65 won from the close of stock trading the day before.