South Korean Equities Eye Worst Year Since 2008 on Chip, Entertainment Stocks
- LG Energy up 53% as investors buy EV plays, shun chipmakers
- Defense gains as nations boost spending on heightened tensions
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While declines in chip and Internet giants have put South Korean equities on course for their worst year since the global financial crisis, investors found winners in the electric-vehicle supply chain and defense sector.
The benchmark Kospi is down about 22% in 2022, headed for its largest loss since 2008. The biggest drags include a 26% decline in Samsung Electronics Co. and a loss of double that size in Kakao Corp., as growth stocks were pummeled worldwide over recession fears.