Korean Chip Stocks Hit by Profit-Taking; Indexes Trigger Circuit Breakers

Tiger Newspress06-23 10:44

Tuesday South Korean equities plunged as profit-taking in chip leaders accelerated. Samsung Electronics and SK Hynix fell more than 5%. KOSDAQ and KOSPI triggered circuit breakers, suspending automated trading for five minutes.

Foreign investors were net sellers of over 2 trillion won of KOSPI stocks in the morning session (about $1.3bn), while retail investors bought the dip.

Huh Seok-geun, CIO at Eugene Asset Management in Seoul, said the sell-off appears driven mainly by profit-taking after recent sharp gains and that high retail leverage and elevated margin balances could amplify declines and increase sensitivity to negative catalysts.

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