KOSPI Drops Over 10% in Two Days as Korean Investors Post Refund Memes

Korean retail investors responded with humorous social media memes as the KOSPI index fell over 10% across two consecutive trading days on the 7th and 8th. The KOSPI dropped 4.91% on the 7th to close at 7,656.31, followed by a 5.35% decline on the 8th to 7,246.79. The sharp declines triggered multiple trading halt mechanisms and prompted investors to post satirical 'refund request' messages parodying consumer complaints. The KOSDAQ index also fell 5.33% to 786.94, dipping below 800 during intraday trading for the first time since September 4 of last year.

KOSPI Records Two-Day Decline Exceeding 10%

The KOSPI index closed at 7,656.31 on the 7th after declining 4.91%. On the 8th, the index fell an additional 5.35% to end at 7,246.79. The KOSDAQ index recorded a 5.33% drop to 786.94. Compared to the early-month closing price of 866.72, the KOSDAQ declined 9.2%. During intraday trading on the 8th, the KOSDAQ fell below the 800 level for the first time since September 4 of last year, when it recorded an intraday low of 799.53.

Investors Post Satirical Refund Request Memes

An online community user posted on the 8th mentioning SK Group Chairman Chey Tae-won, writing "Can I get a refund on SK Hynix stocks? They're still unopened and new." The user added "My child's father is very angry. Please process the refund." The phrasing parodied dialogue from the Netflix series 'True Education,' in which an unreasonable parent treats a school complaint like a product return at a shopping mall. Other users posted similar messages including "I only bought them a week ago, give me a refund," "The product color is wrong. I ordered red but it suddenly turned blue," and "I'm calling the securities protection supervisor."

Trading Halt Mechanisms Activate Multiple Times

Sidecar mechanisms triggered on both the KOSPI and KOSDAQ markets. For the year, this marked the 33rd sidecar activation on the KOSPI (16 buy-side, 17 sell-side) and the 18th on the KOSDAQ (11 buy-side, 7 sell-side). The KOSPI market experienced sell-side sidecar triggers on two consecutive days. A circuit breaker also activated on the KOSPI market on the previous day.

FAQ

What caused the KOSPI to fall over 10% in two days?

The KOSPI index declined 4.91% on the 7th to 7,656.31 and fell an additional 5.35% on the 8th to 7,246.79, resulting in a cumulative drop exceeding 10% across the two trading days.

How did Korean retail investors react to the market decline?

Retail investors posted satirical social media memes requesting "refunds" on their stock purchases, parodying consumer complaint dialogue from the Netflix series 'True Education.' Users wrote messages treating stock losses like defective product returns at a shopping mall.