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The Economic Times
The Economic Times

South Korean shares slump 7% on renewed selling in chipmakers, c.bank hikes rates

Kospi Samsung SK Hynix The Bank of Korea United States

South Korean shares slid 7% on Thursday on renewed selling in chipmakers' stocks, while its central bank delivered a highly anticipated interest rate hike for the first time in over three ‌years to stabilise ⁠the ⁠currency.

The benchmark KOSPI was down 502.44 points, or 6.90%, at 6,781.97 as of 0113 GMT, more than erasing the previous session's gains. Sharp declines also triggered a "sidecar" trading curb, temporarily halting program trading.

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