Kospi extends decline to 10%
I wrote about how ugly the Kospi chart was earlier but it’s certainly unfolding faster than anticipated. It broke the support of the July lows and the February interim high at the open today and it’s been straight down since. It’s extended the decline to 10% now.
A double-digit decline is the kind of thing that gets global attention and shifts the pain to the US market. It’s definitely the kind of headline that hedge fund managers (and punters) in the US read about and take down risk.
Some notable movers:
- Samsung -10.5%
- SK Hynix -12.6%
- Hyundia -8.2%
- LG -5.1%
This is some 'black Tuesday’ level selling and it’s not pretty elsewhere in Asia:
- Nikkei 225 -4.4%
- CSI 300 -2.5%
I’m surprised S&P 500 futures are only down 0.2%.
This article was written by Adam Button at investinglive.com.