South Korea's Kospi Falls as Chip Stocks Drop After Fed's Hawkish Remarks

Deep News08:32

South Korea's benchmark Kospi index slid as much as 3.6% in early trading, with technology shares leading the decline after Federal Reserve Chair Kevin Warsh delivered a hawkish policy stance, pledging a firm commitment to combating inflation.

Samsung Electronics and SK Hynix were the biggest drags on the index, each falling more than 3% as investor sentiment soured on the prospect of tighter monetary policy. Foreign investors were net sellers of Kospi-listed stocks during the morning session, while retail investors stepped in as net buyers.

The tech-heavy Kosdaq small-cap index also felt the pressure, slipping as much as 4% at one point, reflecting broad-based weakness across the market as risk appetite waned.

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