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South Korea's benchmark KOSPI index plunged more than 8% on June 26, triggering a 20-minute trading halt, after surging over 5% the previous day on tech optimism. The volatile week saw the index first rally on June 24, then continue climbing on June 25, before a sharp reversal on Friday.
On June 24, the KOSPI surged 4.1% in early trading, recovering from a nearly 10% drop the day before, as retail investors bought the dip Source: CNA. Market bellwether Samsung Electronics jumped more than 9%, and SK Hynix gained 5%. The rebound was driven by retail investors rushing into leveraged ETFs, according to Mirac Asset Securities strategist Seo Sang-young Source: CNA.
The index continued its upward momentum on June 25, rising over 5% in early trade, buoyed by strong quarterly results from US chipmaker Micron, which alleviated AI sector bubble fears Source: Infobae. Samsung Electronics rose 6.02% and SK Hynix climbed 8.68%. However, on June 26, the KOSPI collapsed by more than 8%, led by a severe profit-taking in semiconductor stocks. Samsung Electronics dropped 7.67%, and SK Hynix fell 8.60% Source: Infobae. The Korea Exchange (KRX) activated a 20-minute 'circuit breaker' after the decline exceeded 8% Source: Infobae. The technology-heavy Kosdaq index also fell 4.51%.
“South Korea's KOSPI staged a sharp recovery on Wednesday (Jun 24) morning, surging 4.1 per cent in the first 30 minutes of trading after a nearly 10 per cent plunge a day earlier, as retail investors rushed to buy the dip.”
“El principal índice de la Bolsa de Seúl, el Kospi, saltaba más del 5 % en la apertura de este jueves, en medio de sendas subidas en el sector tecnológico impulsadas por el optimismo de los resultados trimestrales del fabricante de chips estadounidense Micron.”
“El principal índice de la Bolsa de Seúl, el Kospi, caía más del 8 % en la media sesión de este viernes, lastrado por una intensa recogida de beneficios en los valores de los semiconductores, que llegaron a paralizar la negociación durante varios minutos.”