South Korean equities shed about KRW 578.96 trillion in market value on July 2 as Samsung Electronics and SK Hynix led a chip-driven selloff that pushed the KOSPI to its lowest close since June 8.
South Korea’s KOSPI dropped sharply on July 2, triggering a Korea Exchange sell-side sidecar shortly after the open as semiconductor stocks led losses and the benchmark fell below 8,000. Program trading on KOSPI-listed shares was suspended for five minutes after KOSPI 200 futures met the exchange’s threshold for the automatic curb. By 9:51 a.m. local time, the index was down 534.25 points, or 6.43%, at 7,769.16, and it later closed down 655.32 points, or 7.89%, at 7,648.09, its lowest close since June 8. Based on Naver Finance data showing same-day KOSPI market capitalization of about KRW 6,758.9 trillion, the one-day loss in market value was about KRW 578.96 trillion, or roughly $371.6 billion. Japan’s Nikkei 225 also fell, ending down 1,741.81 points, or 2.47%, at 68,733.15. In Seoul, Samsung Electronics and SK Hynix led the decline, extending a chip-led selloff that followed weakness in U.S. semiconductor shares.