South Korea's Kospi Drops Nearly 10% Amid Profit-Taking and Market Volatility
South Korea's Kospi index plunged nearly 10% on June 23, triggering a 20-minute trading halt as investors engaged in heavy profit-taking after a strong rally led by chipmakers Samsung Electronics and SK Hynix. The selloff reflected concerns over stretched valuations in AI- and semiconductor-linked stocks and elevated leverage, with attention on upcoming US memory-chip earnings. Broader Asian markets also declined amid global economic uncertainties and geopolitical developments, highlighting increased market volatility.