SK Hynix's Market Cap Plunges Around 20% in Two Days, KOSPI Falls by 18%

July 29th. For the second consecutive day, the South Korean stock market experienced a sharp decline. SK Hynix's second-quarter earnings report fell below expectations, causing a continued slump in chip manufacturers, while retail investors have been reducing their positions. After a 10% drop on Tuesday, the South Korean KOSPI index once again plummeted by 8% on Wednesday. So far in July, the KOSPI index has fallen by over 30%, and this month's decline is set to be the largest in history.

Earlier this year, the index surged significantly, with most of the gains coming from Samsung Electronics and SK Hynix. After a 14% drop on Tuesday, SK Hynix's stock price crashed by 12% on Wednesday, with a two-day decrease causing its market value to evaporate by about one-fifth. Investors are now awaiting the earnings reports of Samsung Electronics and other large U.S. tech companies on Thursday. (FX678)