South Korea’s benchmark KOSPI dropped sharply on April 9, closing below the 2,300 mark for the first time in 17 months, as the United States implemented its planned tariffs on China and other countries. The index plunged 40.53 points, or 1.74%, to close at 2,293.70 points.
The KOSPI opened slightly lower and hovered between 2,310 and 2,320 through the morning, holding relatively steady. But at 1:01 p.m., when the U.S. tariffs officially took effect, the index began to fall quickly. It briefly declined more than 2% before trimming losses near the close, marking its first finish below 2,300 since Oct. 31, 2023.
The tech-heavy KOSDAQ also slid, finishing at 643.39, down 15.06 points, or 2.29%. It was the first time the junior index closed below 650 since Dec. 9, 2023.
Foreign investors led the decline, offloading about 1 trillion won worth of shares on the KOSPI and around 100 billion won on the KOSDAQ. They have now been net sellers for eight consecutive trading days since March 28.
Most large-cap stocks also lost ground. On the KOSPI, Celltrion plunged 5.27%, while SK Hynix dropped 2.65%, Naver fell 1.5%, and LG Energy Solution slid 1.26%. On the KOSDAQ, eight of the top 10 stocks by market cap declined, with only Kolon TissueGene (+1.81%) and Rainbow Robotics (+0.62%) posting gains.
Major Asian stock markets also posted sharp losses. Japan’s Nikkei 225 fell 3.93% to close at 31,714.03, while Taiwan’s Taiex plummeted 5.79%. In contrast, China’s Shanghai Composite Index was up about 1% as of 3:25 p.m. Korea time.
