KOSPI hit record 8,046 then crashed 8.4%, wiping ₩509 Trillion

KOSPI, the South Korean stock benchmark, soared to an all-time high of 8,046.78 on Friday, driven by a rally in the tech sector. AI-related technology and semiconductors led the advance, which later reversed amid massive profit-taking.

Among the worst performers is Samsung, which makes up roughly 40% of the entire index and shed over 8.5%.

The index now stabilizes around 7,500, down around 6.1% on the day.

Source: Trading view

US session

Early in the American session, Wall Street points to a negative performance, with United States (US) futures trading in the red. Still, US stocks' negative momentum seems mostly related to a shift in the market’s perspective on US monetary policy, as speculative interest lifts bets on a rate hike before year-end following hotter-than-anticipated inflation figures released this week.