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South Korea and Japan stock markets decline due to heavy selling in tech stocks

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Golden Finance reports that on June 23, amid a sharp shift in global artificial intelligence market sentiment and macroeconomic events, the Korean and Japanese stock markets experienced significant sell-offs after recently hitting multiple record highs. In Korea, two memory chip manufacturers, Samsung Electronics and SK Hynix, which make up about half of the KOSPI index market capitalization, fell 7.4% and 10.1% during trading, respectively. The KOSPI index dropped over 9% intraday, triggering a 20-minute trading halt, marking the fourth such occurrence this year. In Japan, the Nikkei 225 index declined over 3.0% intraday, mainly led by SoftBank Group and chip manufacturer Kioxia, which fell 10% and 14%, respectively. Recently, both the Korean KOSPI and Japanese Nikkei 225 indices have repeatedly hit record highs, mainly benefiting from market optimism about artificial intelligence, progress in US-Iran peace negotiations, and expectations of the Bank of Japan tightening monetary policy. Investors continue to flood into the memory chip sector, regarded as one of the most profitable products globally, with demand believed to be difficult to cool in the short term. SK Hynix surpassed Samsung on Monday to become Korea’s most valuable company. Previously, in May, the company joined the AI chip craze, successfully entering the elite club with a market value of $1 trillion. The surge in stock prices has made these companies more susceptible to volatility, with analysts warning that their valuations are already high and that they face risks from cyclical fluctuations in the semiconductor industry.
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