Kospi plunges 8% to nine-month low as global tech sell-off hits Asian markets

South Korea's Kospi index plunged over 8% on Friday, triggering a circuit breaker and hitting a nine-month low below 5,000 points, led by a sell-off in semiconductor stocks following Wall Street's worst day in over a year. The drop followed Thursday's global rout where the Nasdaq 100 fell 6.4%, erasing $2.3 trillion in market value. Samsung Electronics and SK Hynix, comprising nearly half the Kospi's weight, fell over 11% before recovering. Japan's Nikkei and Taiwan's Taiex also neared bear market territory. The correction stems from concerns that Democrats' midterm election victory could slow AI infrastructure investment. The Kospi has fallen 46% from its June record high, reversing a rally that had made South Korea the world's sixth-largest equity market.