Kospi sinks 8.3% as AI-driven tech sell-off hits Asian markets
What's new: Trading in Seoul briefly halted after the index slid as much as 8.8%, while Samsung fell 10.2% and SK Hynix lost 7.7%.
Asian markets fell sharply Monday as investors dumped technology shares on concern that the artificial intelligence rally had outrun company fundamentals. South Korea took the heaviest hit: the Kospi plunged as much as 8.8%, triggering a 20-minute circuit breaker, before ending down 8.3% at 7,484.41, its steepest daily drop since March 4. Samsung Electronics tumbled 10.2% and SK Hynix fell 7.7%. Japan’s Nikkei 225 closed 3.9% lower, the Topix lost 2.5%, Shanghai’s CSI 300 dropped 1.8%, Hong Kong’s Hang Seng slipped 1.2% and Singapore’s Straits Times Index fell 1.7%. The retreat came as investors questioned AI spending momentum and also weighed renewed Middle East tensions after Israel and Iran exchanged strikes.