Asian markets drop on tech sell-off, KOSPI plunges
4.5 Markets Asian markets tumbled on tech sell-off. KOSPI fell 7.76%, Samsung dropped over 5% despite strong profits, and Nikkei 225 declined 1.95%.
Asian stock markets saw significant declines following a wave of selling in the technology sector. South Korea's KOSPI index dropped sharply, falling as much as 7.76% to around 7,420 points. This came as investors took profits after a recent rally fueled by artificial intelligence advancements. Samsung Electronics, a key market indicator, fell over 5% despite reporting strong profit growth, driven by high demand for memory chips used in AI data centers. Chipmaker SK Hynix also declined nearly 4% as it began preparations for its planned US listing. In Japan, the Nikkei 225 fell by 1.95% to about 68,380 points. The decline followed the release of domestic economic data showing a 3.2% rise in nominal wages but a 0.4% drop in household spending.
