As of 1:30 p.m., the KOSPI was trading at 6,880.97, down 7.96 percent, while the junior KOSDAQ fell 4.33 percent to 801.20.
The KOSPI's drop below 7,000 marked its first breach of the level since May 4, extending a steep correction after the index had climbed to record highs earlier this year.
Semiconductor heavyweights led the decline as investors continued to unwind positions following last week's listing of SK hynix's American depositary receipts (ADRs) and took profits after months of AI-driven gains.
Samsung Electronics fell 9.21 percent to 258,750 won, while SK hynix plunged 13.35 percent to 1,889,000 won. SK Square tumbled 15.19 percent, Samsung Electro-Mechanics slumped 17.99 percent, and Samsung Electronics preferred shares dropped 9.01 percent. Samsung Life Insurance lost 6.46 percent.
Not all blue chips declined. LG Energy Solution rose 1.23 percent, while KB Financial Group gained 0.70 percent, outperforming the broader market.
Earlier in the session, the Korea Exchange activated a sell-side sidecar, the 35th such activation this year and the sixth this month.
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