South Korea's Kospi drops 6% after Strait of Hormuz claim
Business
South Korea's Kospi index took a sharp 6% dip on Monday, landing at 7,031 points.
The drop came after Iran claimed it had closed the Strait of Hormuz, which sent oil prices soaring and sparked fresh worries about inflation.
Big tech stocks like SK Hynix and Samsung Electronics felt it the most, sliding 10% and more than 6%.
Kospi enters bear market territory
With this slide, the Kospi is now officially in bear market territory, down more than 25% from its June peak.
Even though it's still this year's top-performing stock index (up 63%), its heavy focus on AI-driven chip companies makes it vulnerable when global confidence takes a hit.
For anyone watching markets or into tech trends, it's a reminder that rapid growth can come with some real ups and downs.