South Korea Finance Minister Apologizes for Hasty Single-Stock Leveraged ETFs; KOSPI Falls 12%, SK Hynix
South Korea's finance minister apologized for launching single-stock leveraged ETFs without sufficient prudence. The KOSPI index fell over 12% to below 5,300 points, down 43% from its record high. SK Hynix dropped a record 17%, falling 57% from its June peak, with its market capitalization falling below $630 billion.
South Korea's finance minister apologized for launching single-stock leveraged exchange-traded funds without sufficient prudence.
South Korean stocks suffered another heavy sell-off today. The KOSPI index fell more than 12% at one point, breaching the 5,300-point level, and has now dropped over 43% from its record high. Memory chip leader SK Hynix fell more than 17% at one point, a record single-day decline, and has fallen 57% from its June record high, with its market capitalization dropping below $630 billion.