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Kospi triggers fifth circuit breaker of 2026 as tech sell-off reverses Thursday's record

Samsung and SK Hynix fell 8-9% on June 26, sending the Korean benchmark down 5.81% and halting trade for 20 minutes, while Tokyo's Nikkei surged 4.6% on the same chip data

الذكاء الاصطناعي·المال· worsening ما الذي تعطّل·أموال من ·14 قراءات ·

Summary

South Korea's Kospi fell 8.19% intraday on June 26 before closing down 5.81% at 8,411.21, the fifth circuit breaker of 2026 and second in three sessions. Samsung fell roughly 9%, Sk Hynix fell 8.36%, erasing 366 trillion won ($246bn) in market value in a single session. The sell-off reversed Wednesday's record high, triggered by US tech sector profit-taking after OpenAI's IPO delay was reported and Apple raised iPhone memory prices to offset rising HBM costs. Tokyo's Nikkei simultaneously rose 4.60% on the same Micron earnings data, with Micron-related Japanese names Kioxia (+13.1%), Advantest (+14.9%) and Tokyo Electron (+8.1%) leading gains.

Why it matters

The Kospi-Nikkei divergence exposes how concentrated Korean equity risk is in two names: Samsung and SK Hynix account for a third of the benchmark, so any AI-capex demand signal swings the index violently. Japan's more diversified exposure to the same semiconductor theme cushions the shock, giving Japanese funds a structural advantage in the memory supercycle.

What to watch

  • Whether Samsung or SK Hynix guidance cuts emerge at their next earnings call.
  • Whether the Bank of Korea responds with emergency liquidity measures if the sell-off continues.
  • The SK Hynix Nasdaq ADR listing timeline, which would allow US institutional buying to stabilise the name.