South Korea's Kospi share index falls 6% and other Asian shares are mixed as oil prices surge - AP News
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- South Korea's Kospi fell 6%, marking its largest single-day drop in over 30 years, driven by a broader selloff in technology shares
- SK Hynix reported disappointing earnings, triggering a sharp decline in its stock and contributing to the rout in South Korea's equity market
- Chip stocks in both the US and Asia slid on growing investor concerns about the sustainability of the current AI-driven tech rally
- Oil prices surged during the session, adding pressure to Asian markets and offsetting potential gains in non-tech sectors
- Asian shares overall traded in mixed fashion, with losses in semiconductor-heavy markets contrasting with resilience in other regional indexes
Why it matters: The 6% Kospi drop erases billions in market value in hours, hitting retail investors hardest — especially after recent losses in leveraged chip ETFs. This selloff breaks the pattern of automatic rallies on AI hype, showing markets now demand earnings proof, not just promises.
