South Korean stocks suffered a bruising sell-off on July 24 as escalating Middle East tensions and doubts over the semiconductor rally crushed risk appetite.
The benchmark Kospi plunged 406.27 points, or 5.72%, to 6,690.62, snapping a three-day winning streak after sinking as low as 6,650.41. The sharp fall triggered a five-minute suspension of programme selling in early trade.
Foreign and institutional investors dumped a combined net 5.2 trillion won worth of shares, while retail investors absorbed 5.18 trillion won. Losers overwhelmed gainers by 582 to 301, with turnover reaching 30.9 trillion won.
Sentiment deteriorated after US President Donald Trump threatened a major attack on Iran, while concerns that the semiconductor supercycle may have peaked intensified pressure on heavyweight chipmakers.
Samsung Electronics tumbled 7.59% to 249,500 won and SK hynix sank 8.34% to 1,759,000 won. Hyundai Motor slid 7.18%, while KB Financial and HD Hyundai Heavy Industries lost 2.72% and 2.51%, respectively.
Biotechnology stocks bucked the rout after strong earnings from Samsung Biologics. Its shares surged 10.08%, while Celltrion advanced 3.14%.
The won was marginally firmer at 1,466.6 against the US dollar. Bond yields rose, with the three-year Treasury yield climbing 4.2 basis points to 3.959% and the five-year yield adding five basis points to 4.214%.
