Seoul market slides over 3% as tech stocks tumble amid oil and inflation worries
South Korea's KOSPI fell more than 3% on Monday, driven by a sharp sell-off in technology shares as oil prices rose and inflation concerns grew.
On Monday the Korea Composite Stock Price Index slipped 241.69 points, a 3.65% decline that extended a four-day losing streak. Technology giants Samsung Electronics and SK hynix fell 4.39% and 4.52% respectively, pulling down the broader market as investors trimmed exposure to semiconductor-focused exchange-traded funds. The sell-off coincided with rising oil prices after renewed Houthi attacks on Saudi Arabia's main airport, stoking inflation fears and complicating the Federal Reserve's price-stability agenda.
Institutional investors and foreign holders sold a combined net total of about 2.13 trillion won, while individual investors bought roughly 1.47 trillion won. The Korean won appreciated to 1,335.1 per U.S. dollar, and government bond yields slipped, with three-year yields down 6.2 basis points to 3.921%. Gains were limited to a few stocks such as shipping firm HMM and tobacco company KT&G.
Why it matters
The sharp market drop highlights how global oil tensions and inflation worries can quickly impact South Korea's tech-heavy economy.
How this story developed
- Oct 5 Samsung poised to break 100 trillion won profit mark on memory chip surge
- Oct 8 Samsung disclosed a third‑quarter operating profit of 107.4 trillion won.
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