South Korea's Kospi index drops 2%, with chip stocks following overnight declines in U.S. tech stocks

South Korea’s Kospi index once fell 2.2%, following the overnight decline of U.S. stocks, influenced by AMD’s disappointing earnings outlook. Chip giants Samsung Electronics and SK Hynix were the biggest drag on the index. Foreign funds and retail investors net sold Kospi component stocks, while domestic funds bought in. South Korea’s small-cap Kosdaq index once dropped 1.6%. The MSCI Asia Pacific Index declined 0.5%.