South Korea's KOSPI falls over 8% as US rate worries
Business
Asian markets had a rough start to the week, with South Korea's KOSPI index dropping over 8%, so sharply that trading paused for 20 minutes.
The slump follows months of hype around AI tech stocks and Friday's big Nasdaq dip, as investors worry high US interest rates could keep hurting growth companies.
Samsung Electronics, SK Hynix down 10%+
Semiconductor giants like Samsung Electronics and SK Hynix saw their shares fall more than 10%, while foreign investors pulled $10 billion out of Korean stocks last week, pushing the won to its weakest since 2009.
Japan's main indexes also slid as SoftBank dropped nearly 8%.
Rising oil prices (sparked by tensions in West Asia) added to inflation worries, making investors even more cautious about what comes next.