South Korean Stock Market Faces Sharp Decline as Chipmakers Experience Selloff
South Korean stocks experienced a significant decline as major chipmakers, Samsung Electronics Co. and SK Hynix Inc., faced selloffs following record gains on Friday. The Kospi Index dropped by as much as 5.5% early Monday, with Samsung and SK Hynix both down about 9%. This downturn follows a surge on Friday when Samsung and SK Hynix saw record daily gains of 27% and 30%, respectively. The selloff is attributed to profit-taking and leverage reduction, compounded by external factors such as a strong won and advancements in AI and semiconductors in China. Global investors, who had driven the rally on Friday, sold over 1 trillion won ($698 million) worth of Kospi stocks in early trading on Monday. 
