US tech sell-off hits stocks in Seoul and Tokyo
South Korea's benchmark Kospi stock index plunged more than 8 per cent in early trading on Friday, triggering a circuit breaker as a sell-off led by chip and technology stocks pushed the index below the 5,000-point mark for the first time in nine months. The Korea Exchange (KRX) activated a 20-minute circuit breaker at 9.03 am (0003 GMT), temporarily halting all stock and derivatives trading. The benchmark KOSPI was down around 500 points, or 8.6 per cent, at 4,923.47 as of 0026 GMT. "It is time for correction, but we feel that there may be some overreaction to the outcome of the midterm election," said Jun Kwang-woo, chairman of the Institute for Global Economics, a financial think tank in Seoul, "Hopefully we will stabilise very soon because after all, we understand that the speed of building AI infrastructure, especially data centres may slow down a bit because of the number of concerns in many states including Texas," said Jun, who is a former chairman of South Korea's National Pension Service. US stock markets suffered their worst single-day session in more than a year on Thursday, led by a sharp unwind in high-flying technology and semiconductor shares. Fresh uncertainly over policies on AI and data centres following...
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