KOSPI Intraday Volatility Hits 6.75% in July, Surpassing 2008 Financial Crisis Levels

According to Korea Exchange, KOSPI's intraday average volatility reached 6.75% through July 16, marking the highest level since the exchange began tracking data in 1987, exceeding the 2008 financial crisis peak of 6.11% and the 1997 Asian financial crisis level of 5.37%.

The VKOSPI fear index, South Korea's volatility gauge, stood at 87.14 on July 16 and hit 96.94 on July 29, the highest since April 2009. Year-to-date, KOSPI recorded three instances of double-digit intraday swings—March 4 at 11.42%, June 23 at 11.18%, and July 13 at 10.42%—compared to only nine such occurrences in the index's history. The volatility surge reflects semiconductor sector concerns, geopolitical risks, and rebalancing activity in leveraged ETFs.