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Good news turns into bad news! Korean stocks crash again, halting trading (meltdown)
The much-touted 4 trillion storage investment over the weekend immediately became a reason to sell as soon as markets opened. The Kospi index plunged more than 3% at the opening, immediately triggering trading restrictions. Samsung and SK Hynix both fell by more than 5%.
This year, foreign investors have withdrawn 950 billion US dollars from Korean stocks, relying only on retail investors that use leverage to stay afloat. Once it drops, it can easily trigger a chain liquidation. Fortunately, A-shares held up, and the STAR 50 Index actually rose amid the negative trend. #SKHYNIX $SKHYNIX #SKHynixTopsKOSPIByMarketCap