KOSPI plunges 4.91%, circuit breaker Samsung 89T won, US chips fall too

According to Joseilbo, when KOSPI's intraday drop exceeded 8% on July 7, the Korea Exchange triggered a Level 1 circuit breaker halting trading for 20 minutes from 1:51:33 p.m. The index closed down 4.91% at 7,656.31.

According to Yahoo Sports, Argentina beat Egypt 3-2 in the July 7 Round of 16. Messi scored an 83rd-minute equalizer and Enzo Fernandez added a stoppage-time winner as the defending champions completed a comeback to reach the quarterfinals.

According to Seoul Shinmun, the revised Information and Communications Network Act took effect July 7, imposing up to five times the damages for knowingly spreading disinformation. Simple expressions of opinion, private messages such as on KakaoTalk, and political satire are excluded from regulation.

According to TheStreet, on July 7 the Nasdaq closed down 1.16% at 25,818.69, the S&P 500 off 0.45% at 7,503.85, and the Dow down 0.25% at 52,925.15. On views that Samsung's results fell short, Micron dropped 4.7% and the VanEck Semiconductor ETF (SMH) fell more than 3%.

According to Business Korea, KOSPI closed down 395.02 points (4.91%) at 7,656.31 on July 7. Profit-taking in large-cap chips sent Samsung down 6.92% and SK Hynix down 6.06%; foreign investors net-sold 2.9174 trillion won while retail investors net-bought 3.1325 trillion won.

According to Newspim, Samsung Electronics disclosed its largest quarterly result ever on July 7, yet its stock still fell sharply. The decline is attributed to the view that earnings expectations had already been priced into the stock and to a large bonus-provision charge, the outlet reported.

According to Herald Muse, Lee So-ra released the single 'I'll Forget Your Face (Summer Breeze)' on July 7. Excluding soundtracks, it is her first formal new song since 2019's 'Song Request,' with Jannabi's Choi Jung-hoon writing the track and Cho Kyu-chan handling vocal direction.

According to Money Today, Samsung reported record Q2 results on July 7 of 171 trillion won in revenue and 89.4 trillion won in operating profit. Hankook Ilbo noted that operating profit exceeded Nvidia's recent quarterly $53.5 billion, driven by demand for AI-infrastructure HBM and memory.

According to TokenPost, as of 12:07 a.m. on the 8th, Bitcoin traded at $63,512, up 2.29%, and Ethereum rose 1.90% to $1,786. Total market cap stood at about $2.1916 trillion, and Bitcoin dominance was 58.12%.

According to Sports Kyunghyang, the film 'Pupil' drew 43,650 viewers on the 6th to top the box office. Cumulative admissions reached 886,348, with 'Toy Story 5' second and 'Swarm' third. Shin Min-a plays a dual role as Seo-jin, who is losing her sight, and her twin Seo-in in the suspense thriller.

According to Financial News, the revised Information and Communications Network Act took effect July 7, prompting a clash between the parties. The ruling party framed it as a defense wall protecting public discourse from disinformation, while the opposition attacked it as a 'gag law' infringing on free expression.

According to The Moscow Times, Ukraine launched an overnight assault on Moscow with more than 430 drones. Moscow's mayor called it the largest such attack in two years, and Zelensky signaled more strikes, ahead of this week's NATO summit in Ankara.

According to TheStreet, oil prices surged July 7 after a US official told CNBC the Treasury is revoking the license permitting Iranian oil sales. Brent futures rose more than 5% above $76 a barrel and WTI also climbed more than 5% above $72, as supply-cut concerns lifted prices.

According to ZDNet Korea, while a mechanism for up to 5x damages is now in place, the standard for judging manipulated information is vague, raising concerns platforms may 'delete first.' Experts said clear guidelines and a transparent appeals process are needed.