KOSPI's 500-Point Swing: Chip Stocks Defend Korea's Market
KOSPI's 500-Point Intraday Swing: How Chip Stocks Single-Handedly Defend Korea's 7,500 Level In one of the most volatile trading weeks in Korean market history, the KOSPI index careened from an all-time high of 8,046 on May 15 to an intraday low of 7,142 on May 18 — a 904-point or 11.2% round-trip — before recovering to close at 7,500. The Korea Volatility Index (VKOSPI) surged above 80, matching levels last seen during the March 2026 Middle East conflict outbreak. Foreign investors dumped 35 trillion won (approximately $24.5 billion USD) over eight consecutive sessions, the longest foreign selling streak since the 2020 pandemic crash. Yet the KOSPI did not collapse. The reason lies in two companies: Samsung Electronics and SK Hynix, which together contributed 86% of the index's positive movement on the recovery day. What Triggered the 904-Point Crash: Three Simultaneous Shocks The sell-off was not caused by a single factor but by three reinforcing shocks. First, U.S...