South Korea Calls Emergency Market Meeting as KOSPI Sheds 864.5 Trillion Won in 2 Days
Updated
Updated · Yahoo Finance · Jul 29
South Korea Calls Emergency Market Meeting as KOSPI Sheds 864.5 Trillion Won in 2 Days
3 articles · Updated · Yahoo Finance · Jul 29
Summary
KOSPI closed at 5,663.24, down 5.98% on July 29, after losing 864.5 trillion won in market value over two sessions and triggering a market-wide circuit breaker for a second straight day.
SK Hynix helped drive the latest slide after reporting record second-quarter results that still missed forecasts—79.3 trillion won in revenue versus 84 trillion won expected—sending its shares down 9.61%.
Finance Minister Koo Yun-cheol led the evening emergency meeting with the Bank of Korea governor and top regulators after lawmakers blamed single-stock leveraged ETFs launched in May for amplifying swings in blue-chip names.
Koo apologized in parliament and said more steps could follow existing stabilization measures, as the KOSPI has now fallen 32.54% over the past month and heavyweight chip stocks keep deepening the rout.