South Korea’s Kospi closes down 6%
Chipmaker SK Hynix fell more than 10% as the sell-off reached South Korea on 6 November.
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Chipmaker SK Hynix fell more than 10% as the sell-off reached South Korea on 6 November.
South Korea’s Kospi stock index closed down 6% on 6 November, with chipmaker SK Hynix’s shares falling more than 10%, BBC Business said. The decline followed a sell-off in US technology shares that spread to Asian markets.
The BBC’s rounded closing figure differs from the 5.28% decline that Fortune reported for the earlier November 5 session, when trading was also halted.
On 6 November, the Kospi fell more than 8% at one point, triggering a circuit breaker: a temporary trading halt designed to curb panic selling.
Investors were concerned that US midterm election results could lead to tighter regulation of superintelligence (SI), including restrictions on the data centers used by the technology. They were also concerned about whether spending on SI would pay off.
| Market | Index decline |
|---|---|
| Taiwan’s main index | 3.2% |
| Japan’s Nikkei | 1.79% |
The market-wide suspension lasted 20 minutes after the index reached 4,923 during trading on 6 November, following a US technology-stock sell-off.
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