FX.co ★ South Korean Shares Fall on Tech Selloff

The benchmark KOSPI plunged nearly 5% to around 6,285 on Thursday, erasing the previous session’s gains, as a global selloff in technology stocks hit semiconductor shares particularly hard. SK Hynix and Samsung Electronics tumbled about 5% and 8%, respectively, following an overnight pullback in the Nasdaq driven by profit-taking in major tech names. Other notable decliners included SK Square (-10.2%), Hyundai Motor (-1.6%), HD Hyundai Heavy Industries (-1.2%), LS Electric (-3.8%), SK Inc. (-9.1%), and LG Electronics (-2.5%).

Limiting broader market losses, South Korea posted a record current account surplus of $49.73 billion in June, supported by robust semiconductor exports that bolstered the country’s export outlook. In addition, reports of progress toward an interim transit arrangement between Iran and Oman helped ease concerns about potential disruptions to shipping through the Strait of Hormuz, lending some support to global risk sentiment.