Samsung, SK Hynix Shares Plunge Amid Global Tech Selloff
Quick Look
- Samsung Electronics and SK Hynix shares dropped over 7% and 9% respectively on Thursday, leading South Korea's Kospi lower.
- The decline mirrors a broader tech selloff, particularly in the semiconductor sector, following a sharp overnight slump in the Nasdaq Composite.
AI-generated summary
Why It Matters
Shares of major South Korean tech companies Samsung Electronics and SK Hynix experienced significant drops in early Thursday trading, mirroring a broader decline in the global technology sector.
Shares of Samsung Electronics and SK Hynix plummeted more than 7% in early Thursday trading, dragging down South Korea's benchmark Kospi after the tech-heavy Nasdaq Composite slumped overnight.
Samsung Electronics tumbled more than 7% while SK Hynix sank over 9% at the open, wiping out billions in market value as Asia's largest chipmakers bore the brunt of the global tech selloff.
SK Square, the largest shareholder of SK Hynix, also fell more than 10%, mirroring broader losses across the semiconductor sector.
The selloff tracks a dismal start to July for the Nasdaq as investors aggressively dumped chip stocks.
In Wednesday's session on Wall Street, Micron Technology shares dived more than 10%, despite its stunning 260% gain year-to-date, while Sandisk also shed over 10% overnight.
Open Questions
- Will the selloff continue?
- What specific factors triggered the Nasdaq slump?
