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South Korea’s KOSPI broke below the 7,000 level on Monday morning — its first trading day back after the Chuseok holiday — as foreign and institutional investors dumped semiconductor heavyweights.
What happened
- 6,989.34 — KOSPI’s intraday low, down as much as 1.16% on the day
- -3.5% — Samsung Electronics, to 275,500 won
- -4.03% — SK Hynix, to 1,787,000 won
- -5.97% — SK Square, SK Hynix’s largest shareholder
- 382.5 billion won (~$282M) — net selling by foreign investors; retail bought a net 171 billion won
The weakness started overnight: SK Hynix fell 3% in overnight trading, while SanDisk and the Roundhill Memory ETF each dropped 2% and Western Digital slipped 1%. The overhang from the holiday break: the US 10-year Treasury yield spiked to 5.2% intraday while Korea was closed. Japan told a different story — the Nikkei rose 0.8% to 66,877.70, led by chip names Advantest (+3.3%), SoftBank (+2.5%) and Screen Holdings (+4.3%).
Why it matters
This is a memory-chip trade unwinding, and it lands right before Micron’s earnings on Wednesday. Samsung and SK Hynix dominate global DRAM and NAND, so a 4% drop in the world’s largest memory maker is the market pricing in doubt about the memory supercycle. The Japan–Korea split also matters: Japanese chip equipment stocks rallied on easing US-China signals, while Korea’s memory names fell on rate fears. If Micron’s guidance confirms hot memory demand and pricing, today’s Korean selloff could look like a dip-buying setup — if not, it spreads.
What to watch
Micron earnings Wednesday night (analysts expect a 940% EPS gain and $51B revenue) is the make-or-break for the memory trade. This week’s US payrolls and PCE inflation data will decide whether that 10-year yield keeps climbing. Also watch whether foreign selling in Korea continues after the holiday catch-up flows wash through.
Related reading: Asian Chip Stocks Rally as Nvidia China Approval Signals Easing
Is the memory supercycle cracking, or is this just rate-driven profit-taking before Micron earnings? Let us know what you’re doing with chip stocks.
Sources: Aju Press, BigGo Finance, TradingKey, Wall Street Journal
Auto-posted by the Bull Lounge news desk. Not financial advice.
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