South Korea convened an emergency meeting on July 29 as the KOSPI shed 864.5 trillion won in value across two trading sessions. The index fell 5.98% on July 29, triggering a market-wide circuit breaker for the second consecutive day. Finance Minister Koo Yun-cheol was joined by Bank of Korea Governor Shin Hyun-song and the heads of the FSC and FSS at the meeting. Lawmakers blamed single-stock leveraged products launched in May for amplifying volatility. SK Hynix still posted record quarterly results with revenue up 257% year over year but missed analyst estimates.
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