By Tom Westbrook and Ankur Banerjee
SINGAPORE, July 28 (Reuters) - Chip stocks tanked across Asia on Tuesday, rattled by the threat of Chinese competition and worries about who's paying for the AI boom, while sliding oil prices did little to allay nerves about U.S. rate hikes potentially starting as soon as this week.
South Korea's KOSPI dived almost 10% to a three-month low, triggering a circuit breaker on the way down as it heads for its largest monthly fall since the Asian financial crisis in 1997. The index had more than tripled over 12 months to June, but it has shed more than a third of its value since that peak.
Shares in SK Hynix and Samsung Electronics, which are under extra pressure in a market transformed by leverage, made losses of more than 12% as their stratospheric rally unwinds in a hurry.
Japan's Nikkei slid about 4%, touching a two-year low, with the selloff following a 2.2% drop for the Philadelphia Semiconductor index on Monday.
#ankur #reuters
SINGAPORE, July 28 (Reuters) - Chip stocks tanked across Asia on Tuesday, rattled by the threat of Chinese competition and worries about who's paying for the AI boom, while sliding oil prices did little to allay nerves about U.S. rate hikes potentially starting as soon as this week.
South Korea's KOSPI dived almost 10% to a three-month low, triggering a circuit breaker on the way down as it heads for its largest monthly fall since the Asian financial crisis in 1997. The index had more than tripled over 12 months to June, but it has shed more than a third of its value since that peak.
Shares in SK Hynix and Samsung Electronics, which are under extra pressure in a market transformed by leverage, made losses of more than 12% as their stratospheric rally unwinds in a hurry.
Japan's Nikkei slid about 4%, touching a two-year low, with the selloff following a 2.2% drop for the Philadelphia Semiconductor index on Monday.
#ankur #reuters
2 days ago
