Korea’s KOSPI plunged 8.95% to 6,806.93 on Monday, triggering the year’s seventh circuit breaker, as SK hynix fell 15.4% and Samsung Electronics 10.7% on Middle East tensions and a leveraged-ETF flow shock.
The KOSPI rose 2.52% and the KOSDAQ jumped 5.47% as a US chip rally and seven-times-oversubscribed demand for SK hynix’s Nasdaq ADR listing fired up sentiment, triggering buy-side sidecars. Institutions bought the dip while retail and foreign investors sold.
The KOSPI closed up 0.62% at 7,291.91 after an extreme intraday swing of roughly 480 points. SK hynix surged 5.3% on US ADR listing hopes while institutions absorbed about $880 million of retail selling.
SK hynix lists on the Nasdaq on July 10 as SKHY in the largest-ever US stock sale by a foreign company. The view from Seoul: a stock that tripled in six months, a W28 trillion foreign selling streak that just flipped, and what the ADR changes for the KOSPI-listed shares.