Story perspectives

KOSPI slides 6% wiping $2.18 trillion as SK Hynix hikes capex.

7/29/2026

Summary

Story summary

KOSPI index plunged 6% on July 29, 2026 after a second consecutive session triggered a 20-minute halt.
The sell-off erased $2.18 trillion from Seoul’s equity market, wiping about 40% of the index’s value from its peak a month earlier.
Retail investors sold a net 2 trillion won ($1.4 billion) of KOSPI stocks, outpacing foreign outflows.
SK Hynix said it will raise capital spending to at least $31 billion, lifting capex into the high-40 trillion-won range.

History

Historical Context

During the 1997 Asian financial crisis, Treasury Deputy Secretary Larry Summers pressed South Korea to raise rates and balance its budget, shaping policy responses that later tightened market oversight. The July 2026 KOSPI plunge, a sharp market drop, echoes that 1997 sell-off and has revived calls from firms such as SK Hynix for stricter circuit-breaker rules.

1 of 2

Story summary

KOSPI index plunged 6% on July 29, 2026 after a second consecutive session triggered a 20-minute halt.
The sell-off erased $2.18 trillion from Seoul’s equity market, wiping about 40% of the index’s value from its peak a month earlier.
Retail investors sold a net 2 trillion won ($1.4 billion) of KOSPI stocks, outpacing foreign outflows.
SK Hynix said it will raise capital spending to at least $31 billion, lifting capex into the high-40 trillion-won range.

1 / 2