South Korea’s KOSPI drops 7% as global chipmaker selloff deepens

South Korean shares plunged on Tuesday as a global selloff in chipmakers weighed on technology heavyweights, pressured by concerns over intensifying competition from China and a steep decline in SK Hynix’s U.S.-listed ‌shares.

The benchmark ⁠KOSPI ⁠dropped 500.47 points, or 7.41%, to 6,253.81, prompting the activation of “sidecar” trading curbs on both the KOSPI and the junior Kosdaq index, temporarily suspending programme trading.