South Korean lawmakers warn that the KOSPI index has "become a casino" and call for the delisting of leveraged ETFs.
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The South Korean KOSPI index opened down 232.32 points, a drop of 3.03%.
According to ChainCatcher, Gate data shows that the South Korean KOSPI index opened down 232.32 points on Wednesday, July 8th, a drop of 3.03%, to 7,423.99 points. SK Hynix and Samsung Electronics both fell by 4%.
Circuit breakers have become commonplace in the South Korean stock market, with high volatility attracting retail investors, turning trading in South Korean stocks into a "squid game."
According to Mars Finance, on July 7th, the Wall Street Journal published an article analyzing the recent high volatility of the South Korean stock market. The article cited data showing that in the past year, the South Korean KOSPI index fluctuated by more than 2% on 77 separate days. During the same period, the S&P 500 index in the US experienced only five such instances. The KOSPI fluctuated by more than 3% on 44 days, while the S&P 500 never exceeded 3%, and the KOSPI fluctuated by more than 5% on 23 days. The report stated that this volatility has become one of the factors attracting many South Korean retail investors who trade purely for the sake of trading. Maxence Visseau, founder of macro and quantitative hedge fund Arkevium Capital, commented, "Volatility is the key attraction for retail investors seeking excitement." The report also noted that foreign capital outflows exceeded $100 billion (approximately 154 trillion won) in the first half of this year, with $30 billion flowing out in June alone. This trend "could ultimately harm local investors."
Goldman Sachs: Expects South Korea's KOSPI index to reach 12,000 points in the next 12 months.
According to Odaily Odaily, Goldman Sachs predicts that the South Korean KOSPI index will reach 12,000 points within the next 12 months, representing an increase of more than 20% from current levels. However, Goldman Sachs also warns that this upward trend may be "winding." In the market, tech stocks are poised for a strong start to the week, while the South Korean memory chip giant will once again test the waters of artificial intelligence trading. Nasdaq 100 futures rose 1%, S&P 500 futures rose 0.4%, and Dow futures were essentially flat. Samsung Electronics will report earnings on Tuesday; the chipmaker's stock has risen 165% this year, and its financial performance will be closely watched. A few days later, SK Hynix will also proceed with its $29 billion U.S. IPO.
South Korea's KOSPI index fell below 7200 points, down more than 6% on the day.
PANews reported on July 8 that, according to Jinshi, the South Korean KOSPI index fell below 7200 points, down more than 6% on the day.
South Korea's KOSPI index turned positive, with SK Hynix rising over 2%.
According to BlockBeats, on July 8th, based on Bitget market data, the South Korean KOSPI index turned positive, after initially falling nearly 4%. SK Hynix rose over 2%, while Samsung Electronics narrowed its losses to 1%. According to BIT (bit.com) market data, US storage concept stocks opened lower but rallied in overnight trading, with SanDisk rising over 3%, and Micron Technology and Western Digital rising over 1%.
South Korea's KOSPI index fell further to 7%.
According to Mars Finance, on July 7th, the South Korean KOSPI index continued its decline, falling 7% to 7487.25 points. Samsung and SK Hynix both fell nearly 9%. Furthermore, Southern's double- long in Samsung Electronics (07747) fell over 20%, and Southern's double- long position in SK Hynix (07709) fell over 19%.