KOSPI crashes nearly 10 pct on massive tech sell

SEOUL, June 23 (Yonhap) -- South Korean stocks tumbled nearly 10 percent Tuesday as foreign investors dumped major semiconductor shares and other market heavyweights amid profit-taking, tracking overnight losses in U.S. technology stocks. The local currency weakened against the U.S. dollar.

After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) plunged 910.71points, or 9.99 percent, to close at 8,203.84. The index hit an intra-day high of 9,175.45.

The Korea Exchange (KRX), the bourse operator, activated a circuit breaker at around 2:33 p.m. after the KOSPI plummeted more than 8 percent from the previous session's close.

It marked the fourth time this year and the 10th time on record that the KRX has halted trading of all stocks for 20 minutes.

Overnight, U.S. Vice President JD Vance said a "very good foundation" had been established for negotiations toward a final agreement with Iran, while mediators also reported progress in the talks.

Despite the diplomatic developments, U.S. stocks closed mixed, with the tech-heavy Nasdaq Composite falling 1.3 percent amid renewed concerns over major technology companies.

Shares of SpaceX tumbled more than 16 percent after reports that the company is selling bonds as part of a major fundraising effort to support its artificial intelligence initiatives.

The Korean won was quoted at 1,539.1 won per U.S. dollar as of 3:30 p.m., down 2.1 won from the previous session.

South Korea's benchmark stock gauge is shown on a screen inside the dealing room of Hana Bank in central Seoul on June 23, 2026. (Yonhap)