South Korea’s KOSPI closed Q3 at 6,838.04, down 19.3% for the quarter — its sharpest quarterly decline since Q1 2020.
But here’s the interesting part: the index is still roughly 60%+ higher YTD after the huge rally earlier this year.
What’s driving the sell-off?
💻 Semiconductor stocks under pressure
📉 Foreign investors selling
📈 Higher global bond yields
🤖 Questions around AI/memory valuations
With Samsung and SK Hynix heavily influencing the index, the semiconductor trade is now the key area to watch.
And tonight, $MU earnings and guidance could give another clue about where the AI-memory cycle is heading. 👀
I’m watching the reaction rather than chasing the move.