Market Meltdown: Why South Korea’s KOSPI Just Crashed 12%
The benchmark market index in South Korea, KOSPI, saw a massive decline during the last trading session, dropping by more than 12%. Undoubtedly, this last drop represents a significant escalation from earlier market movements and highlights the increasing volatility in local equity markets amid the war in Iran.
Worst Stock Market Crash Since 2008
As of this writing on Wednesday, KOSPI is down by more than 12%. On the previous trading day, the benchmark index lost another 7%, marking what appears to be the worst performance since 2008.
Both Kosdaq and KOSPI hit the threshold for an emergency circuit breaker on Korea’s stock exchange, triggering 20-minute trading halts.
Commenting on the matter in a report for CNBC was Lorraine Tan, Asia’s director of equity research at Morningstar, who said:
Additionally, analysts point out that South Korea’s economy is highly sensitive to oil prices, making it even more vulnerable during the war in the Middle East.
Source: TradingView
Global Tensions in Markets
Markets in Japan are also under pressure. Japan’s flagship market index, the Nikkei, is down over 5% over the last 48 hours, while the US Stock Market has been able to recover somewhat following statements from respective parties.
Crypto markets remain flat on the day. Bitcoin is up 0.6% in the past 24 hours, while the majority of altcoins are trading in the range between -1% and +1%. The total capitalization is around $2.3 trillion, down 0.1% on the day, according to CoinMarketCap.
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