South Korea’s KOSPI index falls 10% intraday, erasing gains as semiconductor and tech shares lead regional sell-off ahead of European open.
Asian equities suffered steep losses, led by South Korea’s KOSPI index, which dropped 10% intraday amid a broad tech and semiconductor rout. The decline extends a 35% pullback from mid-June highs, though the index remains up over 40% year-to-date following a March rally.
The KOSPI’s fall below its 100-day moving average signals weakening momentum, with traders eyeing a potential test of the 200-day moving average. A break below that level could shift sentiment further bearish. Elsewhere, Japan’s Nikkei and Taiwan’s TAIEX fell nearly 4%, while China’s Shanghai Composite and CSI 300 declined 1-2%.
AI-related jitters and technical breakdowns set a cautious tone for European markets, with investors bracing for continued volatility.