From Business Insider, July 1/2:
South Korea's benchmark Kospi index is trading wildly again on Thursday after an overnight rout in US semiconductor stocks rippled through Asia.
The latest bout of volatility may be saying less about the health of the country's chipmakers than about what comes after their blockbuster run.
South Korea's benchmark Kospi index fell as much as 7%, with heavyweights SK Hynix and Samsung Electronics both dropping about 10% before paring losses.
The chip selloff spilled into Japan, where chipmaker Kioxia — the country's most valuable company — tumbled more than 15%, dragging the Nikkei 225 down more than 2%.
"Profit-taking appears to be a key driver," Fabien Yip, a market analyst at IG, wrote in a note. She pointed out that even after Thursday's declines, SK Hynix remains up more than 200% this year, while Kioxia has surged 600%....
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Asian markets continued down from there, China's SSE Composite down 2.03%, the Nikkei 225 down 2.47%, the KOSPI down 7.89%.
