KOSPI, Nikkei Reverse Gains as SoftBank, SK Hynix Both Drop
Japanese and South Korean equities reversed early gains on Friday. The KOSPI fell over 1%, while the Nikkei 225 dropped slightly as well, as memory chip stocks extended a multi-week selloff.
SoftBank Group slid 3.69% and SK Hynix sank 4.82%, pressuring both benchmarks. Weak overnight trading on Wall Street compounded the pullback across Asian markets.
Asian Indexes Give Back Early Gains
The KOSPI opened 1.1% higher at 6,365.07 points. It rose as high as 6,415.60 before sellers took control. The index then fell to 6,221.60, down 74.79 points, or 1.19%, from Thursday's close of 6,296.39.
Japan's Nikkei 225 followed a similar pattern. It opened higher at 65,746.13, above Thursday's close of 65,683.04, then reversed to 65,193.16, down 489.88 points, or 0.75%. The session ranged between 64,651.49 and 65,990.72.
SoftBank Group, a top Nikkei 225 constituent, slid 3.69% to 5,485 yen. SK Hynix led KOSPI decliners, sinking 4.82% to 1,423,000 won. Samsung Electronics bucked the trend, adding 0.43% to 231,500 won.
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