South Korea’s Kospi index sinks more than 9% on heavy selling of chipmaking stocks

Kospi index falls 8% as China competition sparks tech sell-off

South Korea's benchmark KOSPI index suffered one of the steepest single-day declines in its history Tuesday, plunging 10.84% to close at 6,023.66, as a massive selloff in semiconductor stocks triggered emergency trading halts and rattled investor confidence across the country's technology sector.

The Philadelphia Semiconductor Index gave up its early gains to fall sharply, while shares of Dutch lithography giant ASML Holding, the world's dominant supplier of advanced chipmaking equipment, dropped by more than 7 percent.

AI stock sell-off continues as investors dump chipmakers