KOSDAQ Falls to 749.64 on July 21, Down 35% Since May National Growth Fund Launch

According to Yonhap News Agency, South Korea's KOSDAQ index fell to 749.64 on July 21, retreating 35% from the level when the first National Growth Fund launched in May at 1,161.13. The index declined 9.86% in May, 14.76% in June, and 18.39% year-to-date through July 21.

The second-phase National Growth Fund completed delegate manager applications on July 21, with plans to select managers in August and launch in September. Market concerns about KOSDAQ's sustained weakness may impact investor demand for the 2nd-phase fund, which is designed to allocate at least 60% of assets to advanced sectors including semiconductors and AI.