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The Economic Times
The Economic Times
Business
Anupam Nagar

Global Market: South Korea’s Kospi plunges over 7% as chip stocks tumble on CXMT concerns

Kospi CXMT Stock Market South Korea Samsung SK Hynix Semiconductor Bonds

South Korea’s benchmark Kospi index plunged more than 7% on Tuesday, triggering a temporary trading curb, as concerns over growing competition from Chinese semiconductor makers rattled investor sentiment and dragged down major technology stocks, according to a report by Reuters.

The sell-off followed an overnight decline in US memory-chip maker Micron Technology amid reports of rapid technological advances by Chinese rival ChangXin Memory Technologies (CXMT), raising concerns about the competitive position of global memory-chip manufacturers, the report stated.

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