South Korea's KOSPI plunges over 8%, halted for 20 minutes
Business
South Korea's stock market took a big hit Monday, with the KOSPI index dropping more than 8%, enough to trigger an emergency pause in trading for 20 minutes.
The sudden crash was sparked by a global tech selloff, worries about high US interest rates sticking around, and rising geopolitical tensions.
Tech chips tumble after Nasdaq fall
Tech and semiconductor stocks (huge players in South Korea's economy) were sold off heavily after the Nasdaq fell 4.2% last week, its worst day since early 2020.
Strong US jobs numbers raised fears of more inflation, so investors expect tighter Federal Reserve policies and higher bond yields.
On top of that, military clashes between Israel and Iran pushed oil prices around $95 a barrel, shaking up markets across Asia.