{"id":253661,"date":"2026-07-28T11:43:17","date_gmt":"2026-07-28T11:43:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-pa\/253661\/"},"modified":"2026-07-28T11:43:17","modified_gmt":"2026-07-28T11:43:17","slug":"asian-shares-slip-and-south-koreas-kospi-index-sinks-11-on-heavy-selling-of-chipmaking-stocks-ap-business","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-pa\/253661\/","title":{"rendered":"Asian shares slip and South Korea\u2019s Kospi index sinks 11% on heavy selling of chipmaking stocks | Ap-business"},"content":{"rendered":"

HONG KONG (AP) \u2014 South Korea\u2019s Kospi index plunged more than 11% on Tuesday on heavy selling of chipmaking stocks that have been battered recently by sell-offs due to fears the boom in artificial intelligence may turn out to be a bubble.<\/p>\n

Most other markets in Asia declined and U.S. futures edged lower. Oil prices also fell.<\/p>\n

Trading was temporarily halted as Kospi dropped to its lowest level since April, as shares in chipmakers Samsung Electronics and SK Hynix, which are heavily weighted in the index, fell sharply. The Kospi tumbled 11% to 6,012.68.<\/p>\n

Samsung Electronics’s shares sank 13.1%, while those for SK Hynix shed 13.5%. On Monday, SK Hynix’s U.S.-traded shares fell to below the $149 initial public offering, or IPO, price for its Wall Street debut earlier this month,<\/a> closing at $143 a share.<\/p>\n

A big factor driving the selling of AI-related shares, analysts said, is the expectation that rising competition from Chinese AI startups<\/a> and chipmakers might undermine gains for leading global companies whose shares have skyrocketed in the past months due to the AI frenzy.<\/p>\n

A 466% jump in the price of Chinese memory chipmaker CXMT<\/a> in its trading debut Monday has underscored such concerns. CXMT raised at least $8.6 billion in its IPO in Shanghai.<\/p>\n

Tuesday\u2019s chip stock sell-off in South Korea followed a report in the technology news publication The Information that China has begun mass production of homegrown deep ultraviolet, or DUV, chipmaking tools.<\/p>\n

\u201cWe believe the market was likely spooked by the progress of China\u2019s chipmaking equipment capabilities, and was worried that this progress would threaten the competitive position of global chipmaking and chip equipment leaders,\u201d said equity analyst Jing Jie Yu of Morningstar.<\/p>\n

\u201cThat said, we believe the sell-off today is largely a knee-jerk reaction and overdone,\u201d he said. The dominant position of global chipmaking leaders is unlikely to be threatened meaningfully, he said.<\/p>\n

Most other Asian markets also fell, with Tokyo\u2019s Nikkei 225 down 4.3% at 62,127.57. The Taiex in Taiwan skidded 4.7%, with shares of leading chipmaker TSMC, or Taiwan Semiconductor Manufacturing Co, falling 3%.<\/p>\n

Hong Kong’s Hang Seng was nearly unchanged at 25,196.42, while the Shanghai Composite index lost 1.4% to 3,805.06.<\/p>\n

Australia’s S&P\/ASX 200 gained 0.4% to 8,932.90.<\/p>\n

India’s Sensex edged 0.1% lower.<\/p>\n

Oil prices extended their declines as the U.S. and Iran refrained from strikes in their on-again, off-again war. Regional officials said Monday<\/a> that mediators had made progress in getting the U.S. and Iran back to negotiations after they paused attacks.<\/p>\n

Brent crude, the international standard, fell 0.5% to $85.48 a barrel. It was at approximately $72 per barrel before the start of the Iran war in late February.<\/p>\n

U.S. benchmark crude oil lost 0.4% to $82.25 a barrel.<\/p>\n

On Monday, the benchmark S&P 500 gained less than 0.1%. The Dow Jones Industrial Average ended 0.5% higher, while the technology-heavy Nasdaq composite edged 0.2% lower.<\/p>\n

Shares of several major chipmaking stocks declined, pulling benchmarks lower. Shares of AMD, or Advanced Micro Devices, sank 5.2%, Nvidia dropped 5%, and Micron Technology fell 2.3%.<\/p>\n

In other dealings early Tuesday, the U.S. dollar fell to 163.71 Japanese yen from 163.75 yen. The euro was unchanged at $1.1369.<\/p>\n

Kurtenbach reported from Bangkok.<\/p>\n

Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.<\/p>\n","protected":false},"excerpt":{"rendered":"HONG KONG (AP) \u2014 South Korea\u2019s Kospi index plunged more than 11% on Tuesday on heavy selling of…\n","protected":false},"author":2,"featured_media":253501,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[119,121,120,1609,60,18261,38,2963,59042,63442,46799,108127,1128,301],"class_list":["post-253661","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allentown","tag-allentown","tag-allentown-headlines","tag-allentown-news","tag-artificial-intelligence","tag-business","tag-financial-markets","tag-general-news","tag-information-technology","tag-iran-war","tag-oil-and-gas-industry","tag-semiconductor-manufacturing","tag-stock-markets-ai-chips-oil","tag-sustainability","tag-world-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/253661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=253661"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/253661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/253501"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=253661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=253661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=253661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}