South Korea's KOSPI index plummeted 463.81 points or 6.37 percent to close at 6,820.60 on Thursday, snapping a two-day winning streak and potentially facing further losses on Friday. The decline was driven by heavy selling in technology and automobile stocks, with the index trading as low as 6,730.87 during the session. The negative lead from Wall Street, where the NASDAQ tumbled 1.47 percent amid renewed weakness in technology shares, is expected to weigh on Asian markets. In U.S. economic news, first-time jobless claims unexpectedly fell to a two-month low, while retail sales saw a modest increase in June. Crude oil prices also slumped, with West Texas Intermediate for August delivery down 90 cents to $78.70 per barrel, as hopes for a diplomatic resolution to the U.S.-Iran conflict strengthened.