South Korea's KOSPI Plunges Over 8% in Global Tech Sell-Off

South Korea's benchmark KOSPI index plummeted more than 8% on Friday, triggering an automatic 20-minute trading halt. The sell-off was part of a broader Asian tech rout that followed heavy losses on Wall Street.

The decline was led by major chipmakers SK hynix and Samsung. Tech firms across the region, including Japan's SoftBank, fell sharply. The downturn tracked a U.S. market slide after Apple announced price hikes and the European Union signaled tougher rules for Amazon and Microsoft.

The rout marks a sudden shift for the tech sector, which has driven global markets to record highs on the back of artificial intelligence optimism. Analysts note recent volatility suggests growing concerns over stretched valuations and uncertain returns on massive AI investments.

Elsewhere, oil prices fell after briefly spiking on reports of an attack on a cargo ship in the Strait of Hormuz, which had raised concerns about regional stability.