The South Korean stock market suffered significant losses for the second consecutive day as SK Hynix’s underwhelming Q2 financial report extended the decline among chipmakers, with retail investors also reducing their positions. Following a 10% drop on Tuesday, the KOSPI Index plunged another 8% on Wednesday. So far in July, the KOSPI Index has fallen by over 30%, on track for a record monthly decline. Earlier this year, the index’s strong gains were almost entirely dependent on Samsung Electro

The Korean stock market plunged sharply for the second consecutive day, as SK Hynix's second-quarter financial report fell short of expectations, causing chip manufacturers to extend their losses and prompting retail investors to reduce their holdings. After falling 10% on Tuesday, the Korea KOSPI Index plummeted another 8% on Wednesday. So far in July, the Korea KOSPI Index has dropped by more than 30%, and this month's decline is set to become the largest in history. Earlier this year, the index surged, with gains almost entirely dependent on Samsung Electronics and SK Hynix. After closing down 14% on Tuesday, SK Hynix's stock price crashed 12% on Wednesday, causing its market value to evaporate by about one fifth over two days; investors are now awaiting earnings reports from Samsung Electronics and other major U.S. tech companies on Thursday.