[Breaking] Samsung Electronics and SK hynix plunge more than 10% in premarket trading as KOSPI is hit by fears of 'Black Monday'

[Financial News] As Wall Street tumbled over the weekend and the won weakened, fears of a "Black Monday" are deepening in South Korea's financial markets on the 8th. The KOSPI, which had been rallying to record highs, has fallen below the 8,200 level in just two days. Even the foreign exchange market is seeing its psychological floor shaken, signaling a broad wave of volatility.
According to Nextrade (NXT), as of 8:21 a.m. Samsung Electronics Co., Ltd. was trading at 294,500 won, down 10.18%. SK hynix was down 9.03% and trading in the 1.88 million won range. Hyundai Motor Company and LG Electronics were also hovering around losses of more than 10%, unable to escape the sharp selloff.
The decline followed Broadcom Inc.'s earnings report, which showed that its annual sales outlook for AI semiconductors did not exceed market expectations. That fueled concerns that the semiconductor sector, which has driven investment in artificial intelligence data centers, may have already peaked.
The won–dollar exchange rate also climbed to its highest level since the first quarter of 1998, during the IMF Crisis, intensifying market anxiety. According to the Bank of Korea's Economic Statistics System (ECOS), the average exchange rate so far in the second quarter, based on the closing rate in daytime trading through the 5th, stood at 1,490.98 won. At airport currency exchange counters, the cash buy rate for dollars has already surpassed the 1,600-won mark.
sms@fnnews.com Sung Min-seo Reporter