South Korea’s benchmark KOSPI index collapsed 10.8% on July 28, closing at 6,023.66 points, its steepest single-session drop since early March. Samsung Electronics and SK Hynix, which together account for more than half the index’s weighting, posted losses of 13.4% to 14.4% and 14.7% respectively. The KOSPI had been near its record high of 9,114.55 points in June. The crash was triggered by ChangXin Memory Technologies’ blockbuster IPO on the Shanghai STAR Market on July 27, with shares surging 466%, signaling heightened Chinese competition in memory chips. This purge threatens South Korea’s crypto market momentum, one of the most active retail trading markets globally.
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