South Korean stocks crash 10% on massive tech sell-off

South Korea’s benchmark stock index crashed nearly 10% on Tuesday as heavy foreign selling hit major semiconductor and technology shares, following losses in US tech stocks.

The Korea Composite Stock Price Index (KOSPI) plunged 910.71 points, or 9.99%, to close at 8,203.84 after volatile trading. The index had climbed as high as 9,175.45 during the session before reversing sharply.

It marked the fourth such market-wide trading halt this year and the 10th on record.

Trading volume was heavy, with 483.7 million shares worth 59.9 trillion won ($38.9 billion) changing hands. Decliners overwhelmed gainers by 856 to 46.

The sell-off followed overnight weakness in US technology shares, with the Nasdaq Composite falling 1.3% amid renewed concerns over valuations in major tech companies.

Nasdaq futures were also down nearly 1%, further weighing on sentiment toward South Korean chipmakers.

In Seoul, major large-cap shares ended sharply lower.

Samsung Electronics sank 12.31%, and SK Hynix dropped 12.47%.

Samsung Electro-Mechanics lost 9.6%, while Hyundai Motor declined 12.05%, and LG Energy Solution fell 6.1%.

The South Korean won also weakened against the US dollar, standing at 1,539.1 won per dollar, down 2.1 won from the previous session.