The Seoul stock market suffered its sharpest drop in about five months on the 28th, with the benchmark KOSPI index closing down 10.84% at 6023.66. SK Hynix tumbled 14.7%, while Samsung Electronics fell 14.4%, its biggest decline since October 2008. Together, the two companies account for more than half of the KOSPI's weighting, and the broad sell-off in the semiconductor sector amplified the market's decline. Reports of a major new listing by China's ChangXin Memory Technologies and the start of domestic production of immersion deep ultraviolet lithography machines intensified concerns over heightened competition with Korean firms, further souring market sentiment. At one point during the session, the index fell as much as 11.3%, triggering the eighth circuit breaker of the year. Foreign investors sold a net 5 trillion won, while retail investors bought a net 4 trillion won.
SK Hynix IncCXMT listing and domestic lithography machines intensify competition for SK Hynix.
Samsung Electronics Co LtdCXMT listing and domestic lithography machines intensify competition for Samsung Electronics.