South Korean equities have fallen sharply in recent sessions, prompting a shift in investor mood from fear of missing out, or FOMO, to “joy of missing out,” known as JOMO, according to Korean media cited by BlockBeats on July 29. During the day, the KOSPI index at one point fell by more than 12%. Chip names led the retreat, with SK Hynix sliding more than 17% for its biggest single-day drop on record, while Samsung Electronics lost more than 13%.
The report linked the sell-off to weakness in the U.S. semiconductor sector, the listing of Chinese memory chipmaker CXMT, and SK Hynix earnings that came in below expectations. Market funding conditions also weakened. As of July 24, investor deposit balances had fallen by about KRW 31 trillion from their June peak, while margin financing and securities lending balances were down about KRW 6 trillion from their high, pointing to a continued pullback in leveraged capital from the Korean stock market.
South Korean stocks have remained under heavy pressure, with investor sentiment shifting from fear of missing out, or FOMO, to JOMO, short for “joy of missing out,” according to Korean media cited by BlockBeats on July 29.
During trading, the KOSPI index at one point fell by more than 12%. Among major names, SK Hynix dropped more than 17%, marking its biggest single-day decline on record, while Samsung Electronics fell more than 13%.
The report said the move was tied to weakness in U.S. semiconductor stocks, the listing of Chinese memory chipmaker CXMT, and SK Hynix earnings that missed expectations.
Market liquidity indicators also softened. As of July 24, investor deposit balances were down by about KRW 31 trillion from their June peak, while margin financing and securities lending balances had fallen by about KRW 6 trillion from their high, indicating a continued withdrawal of leveraged funds from the Korean stock market.
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