South Korea's KOSPI index closed down 5.47%, with SK Hynix plunging over 10%.

BlockBeats news, October 13 — According to Bitget market data, South Korea's KOSPI index closed down 348.9 points, a decline of 5.47%, at 6,035.34 points. SK Hynix plunged 10.09%, while Samsung Electronics fell 7.38%.

The market concerns driving today's decline stem first from China's rising competitiveness. ChangXin Memory Technologies recently disclosed that it has made key progress on a memory chip architecture that Samsung Electronics and SK Hynix are also pursuing. Although the technological breakthrough is still far from forming large-scale, commercialized competitive production capacity, capital has begun to reassess the impact of Chinese memory manufacturers catching up on the future pricing power and valuation premiums of South Korea's two leading companies.