South Korea’s Kospi index plunged into bear market territory, experiencing a 40% drawdown and falling below 5593 on July 30. More than 3.4% of the population faced margin calls as the benchmark declined by over a fifth. Following a rapid and painful deleveraging process, the index has since surged 21% to reach 6813 in just a fortnight, signaling a sharp recovery from the lows. This abrupt reversal illustrates the extreme volatility that has characterized the South Korean equity market this summer.
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