Chip stocks trigger 4% drop in Kospi, oil exports rebound as investors await US midterms

Asian equity markets saw significant declines as US chipmakers’ shares sold off sharply, prompting caution among investors ahead of the US midterm elections. The MSCI Asia Pacific Index fell 1.2%, with South Korea leading regional losses. Over the past three sessions, the US chip sector index recorded a 12% drop, while the Nasdaq 100 has now retreated 10% from its peak, officially entering correction territory. South Korea’s Kospi dropped 4% to 5,624.02 points, as shares in Samsung Electronics and SK Hynix each lost more than 4% in value. Taiwan’s benchmark index also recorded losses of over 3%.