South Korean Stocks Slide 5% as SK Hynix Extends Drop to 7%

South Korea’s Kospi plunged 5% on Oct. 13 as semiconductor shares extended their losses, adding to pressure across chip and artificial-intelligence-linked markets. SK Hynix fell as much as 7% intraday, while Samsung Electronics dropped 5.89%. Both companies were on track for a fifth consecutive decline, extending a recent selloff in South Korean semiconductor stocks. The move followed a 3.9% overnight decline in Micron Technology, a U.S. memory-chip manufacturer. Investors are weighing competition from China’s ChangXin Storage (CXMT), which has made progress on a newer memory architecture also being developed by Samsung and SK Hynix.

Source: TokenPost