South Korea's benchmark KOSPI suffered a brutal selloff on Monday, plunging 8.23%, as investors slammed the brakes on the market's red-hot artificial intelligence rally, exposing just how heavily the index had become dependent on a handful of semiconductor stocks. As for day's low, Kopsi nosedived 9% and also witnessed a 20-minute trading halt.
The benchmark is now down about 14% from the record high it touched last week. Heavyweights and semiconductor giants bore the brunt of the selling. Samsung shares tumbled over 10%, while SK Hynix cracked over 7% on Monday.
