South Korea $2 trillion stock rout breaks records as SK Hynix results disappoint

South Korea's stock market plunged by $2 trillion, setting a record, after SK Hynix's disappointing financial results. This was reported by Qazaqyia.kz citing Reuters.

SK Hynix, the world's second-largest semiconductor maker, lost investor confidence due to quarterly results that fell short of expectations. This led to a sharp decline in the KOSPI index. The total market value dropped by $2 trillion, marking the largest single-day rout in the country's history.

Analysts attribute the rout to weakening global demand in the semiconductor sector and SK Hynix's failure to meet market expectations. The event could significantly impact South Korea's economy, as semiconductors are a key export commodity for the country.