South Korean stocks faced a second straight day of losses Wednesday, led by SK Hynix, as the memory chipmaker’s record AI-fueled earnings fell short of the market’s high expectations and were further dampened by concerns about chipmaking advancements in China.
SK Hynix shares slumped nearly 10% after an earnings miss.
South Korea’s benchmark KOSPI index fell nearly 13% on Wednesday—triggering a halt in trading—before closing 6% down.
The KOSPI index has fallen by more than 15% in the past two days amid concerns about the AI-fueled rally, which has boosted Korea’s top chipmaking stocks.
SK Hynix reported a near sixfold increase in operating profit to a record KRW 60.5 trillion ($42 billion) in the three months ending in June, but this fell short of market forecasts of around KRW 64 trillion ($44 billion).
