Business & Markets
Kospi falls 10.8% as Wall Street gains and oil drops
South Korea's Kospi closed 10.8 percent lower Tuesday as a sell-off in semiconductor shares hit Asian markets, while Wall Street mostly rose and oil prices fell.
SK hynix sank 14.7 percent and Samsung fell more than 13 percent. Both companies have lost nearly half their market value since reaching record highs last month.
The pressure on chip shares followed a report by technology outlet The Information that China's Shanghai Yuliangsheng had started mass production of a chipmaking technology long dominated by Dutch firm ASML.
Japan's Nikkei 225 closed down 4.0 percent as Kioxia, Advantest and Tokyo Electron fell. Taipei dropped more than four percent as TSMC declined. Shanghai ended down 1.2 percent, while Hong Kong rose 0.4 percent.
On Wall Street, the Nasdaq Composite recovered most of its earlier losses but still closed down 0.2 percent at 24,876.91. The Dow Jones Industrial Average rose 1.0 percent to 52,747.32 and the S&P 500 gained 0.2 percent to 7,428.78, helped by strong results from Boeing, Coca-Cola and others.
Oil prices fell after US President Donald Trump signalled optimism about a deal to end Middle East hostilities. Brent North Sea crude fell 4.8 percent to $84.09 a barrel, while West Texas Intermediate dropped 4.1 percent to $79.26.
European stocks also closed higher, supported by company earnings and lower oil prices. London's FTSE 100 gained 0.8 percent, Paris's CAC 40 rose 0.6 percent and Frankfurt's DAX ended 0.4 percent higher.
Investors were also watching the Federal Reserve, which was due to end a two-day meeting Wednesday with a monetary policy decision. Most investors expected the Fed to hold rates at 3.50-3.75 percent for a fifth straight meeting, according to CME's FedWatch monitoring tool, though bets on a rate increase had been rising.
Update
Wall Street closed with the Dow up 1.0 percent, the S&P 500 up 0.2 percent and the Nasdaq down 0.2 percent.
Brent crude closed down 4.8 percent at $84.09 a barrel and West Texas Intermediate fell 4.1 percent to $79.26.
US markets were lifted by results from Boeing, Coca-Cola and others, offsetting weakness in chip shares.
The Federal Reserve was due to end its two-day meeting Wednesday, with most investors expecting rates to stay at 3.50-3.75 percent, according to CME's FedWatch tool.
Source note: AFP news report published on 28 July 2026 at 21:19:35 UTC.
Update
Wall Street was mostly higher around 1530 GMT, with the Dow up 1.1 percent, the S&P 500 up 0.3 percent and the Nasdaq Composite slightly lower.
European stock markets closed higher, with London up 1.1 percent, Paris up 0.6 percent and Frankfurt up 0.4 percent.
Brent crude was down 4.3 percent at $82.21 a barrel and West Texas Intermediate was down 3.8 percent at $79.46.
The Philadelphia Semiconductor Sector index was down around 4.5 percent.
The dollar moved lower against its main rival currencies before the Federal Reserve rate decision.
Source note: AFP news report published on 28 July 2026 at 15:56:09 UTC.
Update
Wall Street opened mixed, with the Nasdaq Composite down 0.4 percent.
The Philadelphia Semiconductor Sector index fell around five percent at the start of trading.
European stocks were narrowly mixed in afternoon trading rather than broadly higher.
Unilever rose eight percent after lifting its full-year outlook.
Brent was down 2.1 percent at $84.11 a barrel and WTI was down 1.6 percent at $81.26 around 1330 GMT.
Markets increasingly priced in two Federal Reserve rate hikes this year, while nearly a third expected a hike at the meeting ending Wednesday.
Source note: AFP news report published on 28 July 2026 at 13:52:45 UTC.
Update
London, Paris and Frankfurt traded higher in midday deals.
Brent crude was down 2.2 percent at $86.40 a barrel and WTI was down 2.0 percent at $81.00 around 1100 GMT.
Unilever rose seven percent after lifting its full-year outlook, while Barclays fell five percent after its upgraded income target disappointed investors.
Source note: AFP news report published on 28 July 2026 at 11:18:29 UTC.
Update
Later oil price figures around 0810 GMT showed WTI down 1.4 percent at $81.47 and Brent down 1.9 percent at $86.71.
The source now says Manila and Mumbai retreated, while Hong Kong, Sydney and Wellington gained.
Source note: AFP news report published on 28 July 2026 at 08:24:05 UTC.
Update
South Korea's Kospi closed down 10.8 percent at 6,023.66.
SK hynix fell 14.7 percent and Samsung lost more than 13 percent.
Tokyo's Nikkei 225 closed down 4.0 percent at 62,364.92.
Hong Kong, Sydney, Wellington, Manila and Mumbai gained while Shanghai, Singapore and Jakarta dipped.
London, Paris and Frankfurt edged higher in early trading.
West Texas Intermediate was down 2.0 percent and Brent was down 2.3 percent around 0715 GMT.
Source note: AFP news report published on 28 July 2026 at 07:38:36 UTC.
Update
South Korea's Kospi was down 10.2 percent at 6,066.21 around 0330 GMT.
SK hynix and Samsung were each down around 13 percent, and AFP reported both had fallen almost 50 percent since all-time highs last month.
Tokyo's Nikkei 225 was down 4.3 percent, with Kioxia down 18 percent and Advantest and Tokyo Electron down 11 percent.
Taipei was down more than four percent as TSMC declined, while Hong Kong was flat and Shanghai's Composite was down 0.6 percent.
Oil prices fell further in Asian trading after sharp Monday losses linked to hopes for renewed diplomacy over the US-Iran conflict and Strait of Hormuz shipping.
Source note: AFP news report published on 28 July 2026 at 03:41:01 UTC.
Update
South Korea's Kospi fell 10.3 percent to 6,061.68, its lowest level since April.
SK hynix and Samsung fell around 12 percent each.
Tokyo's Nikkei 225 was down more than four percent, with Advantest, Kioxia and Tokyo Electron each losing more than 10 percent.
Source note: AFP news report published on 28 July 2026 at 03:12:22 UTC.
Update
South Korea's Kospi index plunged more than 10 percent in the technology rout.
Source note: AFP news report published on 28 July 2026 at 03:06:01 UTC.
Uncertainty notes
The impact of the reported Chinese chipmaking development on global semiconductor competition remains uncertain.
The Federal Reserve's rate decision was still pending at the time of the market report.
Source
AFP news report published on .