Why iShares MSCI Korea ETF (EWY) fell 8.17%
iShares MSCI Korea ETF (EWY) fell 8.17% on November 6, 2026 — Korea tech rout after midterm sweep hits market.
What happened
The iShares MSCI Korea ETF fell 8.2% as Korean equities sold off with AI-linked stocks. The shared driver was the Democratic midterm sweep, which triggered a broad AI selloff on the Nasdaq.
Why it moved
EWY is weighted toward Samsung and SK Hynix, so it moves almost one-for-one with the chip leaders. When AI sentiment breaks, the basket reprices together.
Why it matters
EWY is a clean read on the Korea Tech theme, where the HBM and DRAM upcycle drove the rally. Its move shows how concentrated the market is in a few memory names.
What would break the thesis
A recovery in Samsung and SK Hynix would pull EWY back quickly. Persistent weakness would point to a fading memory upcycle, such as softer mobile demand or stalled China chip-tool approvals.