SpaceX OptionBreaking: South Korea's KOSPI index plummeted -8.2%, falling below the 7700-point level.
Following overnight selling of U.S. semiconductor stocks and rising inflation, the South Korean stock market has evaporated over 518.5 trillion won ($350 billion USD) in market value.
South Korea's annual inflation rate in June rose to 3.2%, the highest since December 2023, up from 3.1% in May.
Samsung and SK Hynix together account for 50% of the index, falling -8.5% and -11.5% respectively.
KOSPI and KOSDAQ triggered the seller-side circuit breaker mechanism after the sudden decline.
🚨Breaking News: South Korea's stock market has suspended program sell orders due to a -6.5% plunge in the KOSPI.
Within just 20 minutes, the South Korean stock market evaporated over ₩396,500,000,000,000 ($267 billion).
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