Tech Selloff Hits Asia as Korea Stocks Slide | Insight with Haslinda Amin 06/23/2026

Summary

Asian markets slide, led by a sharp drop in Korean tech stocks as retail leverage unwinds and AI sentiment sours. The U.S. grants a 60-day Iran oil license, easing supply fears. India's largest equity fund bets against AI disruption fears in IT services, while Zerodha co-founder Nikhil Kamath turns fully invested in India, citing cheap valuations and lower oil. The yen remains under pressure as BOJ hike prospects fade.

• KOSPI falls over 5% on heavy retail leverage unwinding and profit-taking in AI-exposed names like SK Hynix.
• U.S. grants Iran a 60-day license to sell oil, allowing more Iranian barrels to flow and softening the supply risk premium.
• Yen stays on a one-way weakening path as rate differentials persist and BOJ tightening is seen as impossible.
• India's largest active equity fund adds to IT services, betting AI fears are overdone and valuations are compelling.
• Nikhil Kamath says he is nearly fully allocated to Indian equities, driven by currency depreciation and lower crude.
• Kamath highlights Indian IT services, energy transition, pharma, hospitals, and tourism as attractive sectors.
• SpaceX falls another 16%, erasing $600 billion from its peak, as the company begins a massive bond-funded AI spending drive.
• UK Labour leader Keir Starmer resigns, clearing the way for Andy Burnham to potentially become the next prime minister.