South Korean stocks crash 8% as US rate fears shake Asia

South Korean stocks plunged 8% on Monday, leading a broad sell-off across Asian markets. Investors panicked after new signs that the US Federal Reserve may keep interest rates higher for longer. The benchmark Kospi index dropped 8.1%, its biggest single-day loss since 2008. The sell-off followed sharp declines on Wall Street, where the Dow Jones fell more than 1,000 points last week. Analysts said the main trigger was a stronger-than-expected US jobs report. That report raised fears the Fed will not cut rates soon, making borrowing more expensive for companies worldwide. Other Asian markets also fell. Japan's Nikkei lost 3.4%, while Hong Kong's Hang Seng dropped 2.1%. Taiwan and Australia saw similar losses. The crash hit technology and export-heavy stocks hardest. Samsung Electronics fell 6.5%, and chipmaker SK Hynix dropped 8.2%. Investors now watch for the Fed's next meeting in September. Many expect the central bank to hold rates steady, keeping pressure on global markets.