KOSPI crashes over 6 pct on foreign sell-offs after achieving 8,000-point milestone

SEOUL, May 15 (Yonhap) -- South Korean stocks plummeted more than 6 percent Friday, after briefly topping the historic 8,000-point landmark, as investors moved to cash out tech and other market heavyweights after a record-breaking rally amid lingering uncertainties over the Middle East crisis. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 488.23 points, or 6.12 percent, to close at 7,493.18, after rising as high as 8,046.78. The KOSPI had started marginally lower but turned higher shortly after opening, soaring past the 8,000 plateau. But shortly after the achievement, it started crashing, falling as low as 7,371.68, triggering a sell-side sidecar at around 1:30 p.m. It marked the first time the main bourse operator has issued a sell-side sidecar since April 2. Workers at Hana Bank in central Seoul celebrate the benchmark Korea Composite Stock Price Index breaching the landmark 8,000 points on May 15, 2026. (Yonhap) Analysts said the index came under heavy selling pressure as investors, foreigners in particular, moved to take profits from large-cap semiconductor and technology shares, which had been the main driving force behind the KOSPI's recent rally. Foreign news reports that U.S. President Donald Trump, who just wrapped up his three-day state visit to China, said he will not be much more patient with Tehran, renewed concerns over the ongoing U.S.-Israeli war against Iran, which have been driving up global oil prices. "The end of the first-quarter earnings season also fueled short-term profit-taking sentiment, as expectations for strong earnings appeared to have passed their peak," Lee Kyoung-min, an analyst at Daishin Securities, said. Notably, market top-cap Samsung Electronics nosedived 8.61 percent, with its labor union threatening to proceed with a major strike planned for next week, despite management's proposal to resume talks without preconditions. Its chipmaking rival SK hynix slid 7.66 percent. nyway@yna.co.kr(END)