Asian Markets Slide as South Korea's Kospi Plunges Nearly 9%

The global market sell-off began in Asia early this week, with South Korea's Kospi Index plunging 8.9 percent, Seth Sutel reported for The Associated Press (AP).

The decline included a 15.4 percent drop in SK Hynix shares on the Korea Exchange. (Photo: SK Hynix)

The decline included a 15.4 percent drop in SK Hynix shares on the Korea Exchange, marking the stock's largest single-day decline since it began trading in 1997.

The South Korean semiconductor company recently launched its U.S.-listed shares, raising approximately $26.5 billion in an initial public offering. Those shares gained 13.1 percent during their trading debut on Friday before falling 9.3 percent on Monday, Matt Ott and Elaine Kurtenbach also reported for AP.

Not all AI-related companies posted losses. Shares of Taiwan Semiconductor Manufacturing Co. (TSMC) rose 1 percent after the company reported that its June revenue increased nearly 68 percent from a year earlier.

Revenue for the first half of the year was up 35.6 percent year over year.