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South Korea's KOSPI index dropped as much as 6.1% on Friday, driven by a sell-off in chip stocks and rising oil prices amid Middle East tensions, triggering a temporary halt in program trading. The decline followed overnight losses in US chipmakers, with Samsung Electronics and SK Hynix both falling over 7%. The Korea Exchange has increasingly activated this safety measure in recent weeks as volatility spikes. The sell-off intensified as investors reduced risk ahead of the weekend, with oil prices nearing $100 per barrel due to the Middle East conflict. Global investors resumed selling Korean stocks after four consecutive days of net buying, mainly reducing tech holdings. Shawn Oh, head of Korean cash equities at NH Investment Securities, noted that local funds are cutting tech exposure and lowering risk before the weekend, amplifying downside risks. Roy Lim, a stock sales trader at Samsung Securities, added that some Asian hedge funds are selling Samsung and SK Hynix shares to raise funds for the upcoming IPO of China's CXMT on July 27.
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