South Korea's benchmark KOSPI index lost more than 5% as fears of cheaper Chinese competition and criticism of AI investors from Broadcom's chief executive hit chip stocks. The slide stretched the index's losing streak to five consecutive sessions.
The KOSPI shed more than 5% on Tuesday. Two forces combined to drive the drop: fears that cheaper Chinese competition is making ground, and criticism leveled at AI-stock investors by Broadcom's chief executive.
However, the index had already taken heavy losses last Friday and Monday. Then it extended its losing streak to five consecutive sessions and now sits more than a third below its all-time high from June.
The market peaked in June at 9385 and closed Tuesday at 6035.
Korea's two largest companies by market capitalization, Samsung Electronics and SK Hynix, bore the brunt of the selloff. Together, the pair was responsible for roughly half the market's decline.
Source: MarketWatch (snippet-based)
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