TOKYO (AP) — South Korea’s Kospi share index dropped 8% on Wednesday on prolonged selling of chipmaking shares. The latest rout was led by a plunge in shares in chipmaker SK Hynix after its operating profit in the last quarter fell short of analysts’ forecasts even though it soared sixfold to a record 60.5 trillion won ($41.2 billion). By midday in Seoul, the Kospi was down 8% at 5,547.77. SK Hynix sank 12.6% while shares in Samsung Electronics dropped 8%.Other Asian markets also mostly declined. In Tokyo, the Nikkei 225 lost 1.1%, while Taiwan’s Taiex shed 3.6%. The Shanghai Composite index fell 0.5%.
South Korea's Kospi share index falls 8%, other Asian shares are also mostly lower
South Korea’s Kospi share index has dropped 8% on prolonged selling of chipmaking shares. The latest rout was led by shares in chipmaker SK Hynix after its profit in the last quarter fell short of analysts' forecasts even though it soared.
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