The Korea Composite Stock Price Index (KOSPI) plunged a record 8.77%, or 234.64 points, to close at 2,441.55 on Monday, its lowest since Nov. 2023. The sharp decline, triggered by fears of a U.S. economic slowdown following disappointing employment data and weak big tech performance, prompted a 20-minute trading halt, the first since March 2020.

Foreign investors spearheaded the sell-off, dumping a net $1.09 billion (1.5 trillion won) in stocks, with major tech firms Samsung Electronics and SK Hynix among the hardest hit. The South Korean won weakened against the U.S. dollar, while bond prices surged as investors sought safer assets amid growing concerns over the potential spillover effects of a U.S. recession on South Korea’s export-dependent economy.