Why are Micron, SK Hynix and Samsung stocks falling? China’s CXMT sparks chip sell-off

Micron and SK Hynix stocks fell in early trading on Tuesday. Shares of US-based Micron Technology fell 4%, while SK Hynix shares dropped 5% as memory-chip stocks faced a global sell-off. The selling pressure increased after South Korea’s benchmark KOSPI index plunged.

Samsung and SK Hynix shares suffered bigger losses in South Korea. SK Hynix shares fell 10%, while Samsung Electronics shares declined 7%. Both stocks extended their losing streaks to five consecutive trading sessions, according to Yahoo Finance.