Things Are Suddenly Turning Against South Korea’s Markets
- Korean won, stocks slid as chip scare caused foreign outflows
- Kospi tumbled over 3% this week on foreign sales of chip names
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South Korean markets finished a rough week ahead of a holiday Monday with record foreign outflows in chipmakers and all-time high Covid cases spurring panic selling.
The benchmark Kospi Index fell for a seventh straight day Friday, the won hit a ten-month low and global funds dumped record amounts of key semiconductor stocks such as Samsung Electronics Co. Both Korea’s equity market and its currency led losses in Asia this week.