South Korea Stocks Shed $170B as KOSPI Falls 4%

South Korea's stock market suffered a severe rout, with the KOSPI index falling approximately 4%. This decline erased more than ₩262.3 trillion ($170 billion) in market capitalization.

The selloff was led by Samsung Electronics, the country's largest company, which declined after releasing its second-quarter earnings guidance. Despite reporting earnings that surpassed analyst estimates, investors appeared to take profits following a strong rally.