South Korea's KOSPI index briefly plummeted by 13% and triggered a circuit breaker for two consecutive days as SK Hynix's earnings fell short of expectations, causing retail investors to panic sell.

智通财经2026/07/29 12:11

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South Korea's KOSPI Index plummeted as much as 13% intraday on Wednesday, triggering the circuit breaker mechanism for the second consecutive trading day. In the afternoon, losses narrowed to around 6%. The index is expected to record a historic loss of approximately 33% for the month, with nearly all of this year's earlier gains almost entirely reliant on chip stocks such as Samsung Electronics and SK Hynix.
As investors questioned the commercial rationale for massive investments in the chip industry, market optimism quickly turned into panic. Retail investors registered a net sell-off of KOSPI constituent stocks worth 1.8 trillion KRW (about $1.3 billion) on the day, marking a sharp reversal from their persistent dip-buying during previous corrections.
Index heavyweight SK Hynix plunged 17% in early trading due to an earnings report that missed expectations, further exacerbating market panic. Yoon Joonwon, fund manager at DS Asset Management, remarked that such large-scale selling is "hard to understand"; from both a technical and sentiment perspective, this is considered irrational selling. Institutional investor buying gradually increased in the afternoon session, helping to further pare the index's losses.

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South Korea's KOSPI index briefly plummeted by 13% and triggered a circuit breaker for two consecutive days as SK Hynix's earnings fell short of expectations, causing retail investors to panic sell.

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