Korea Macro Daily(Beta Mode)
KOSPI Drops 4.5% as AI Stocks Swoon
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| KOSPI | 6,516.27 | -4.46% |
| KOSDAQ | 749.64 | -5.33% |
| USD/KRW | 1,480.38 | -0.47% |
| Samsung | 255,000.00 | -8.77% |
| SK Hynix | 1,842,000.00 | -11.53% |
| Brent Crude | 91.42 | +2.47% |
| Gold | 4,082.20 | +1.79% |
| Bitcoin | 66,319.29 | +1.67% |
| Korea Short-term Rate | 2.54% | +0.00% |
| Korea Long-term Rate | 4.18% | +2.60% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Korea Unemployment Rate | Type: macro_line | Unemployment Rate (%): 2.8 (2026-05-01) | Range: 2.5–3.4 | Trend(5pt): 3.4,2.9,2.8,2.8,2.8
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Wednesday (2026-07-22) | |||
| GDP Growth Quarter-over-Quarter Advance Estimate | 1.80 | 0.50 | 15:00 |
| GDP Growth Year-over-Year Advance Estimate | 3.80 | 3.30 | 15:00 |
- KOSPI fell 4.46% to 6,516.27 while KOSDAQ slid 5.33%, led by Samsung (-8.77%) and SK Hynix (-11.53%) on AI-memory rotation.
- USD/KRW eased 0.47% to 1,480.38 as foreign net buying supported the won despite BoK warnings on NDF-driven volatility.
- Korea will release Q2 GDP advance estimates tomorrow, with consensus pointing to sharp slowdowns in both QoQ (0.5%) and YoY (3.3%) growth.
Yesterday's Recap
Korean equities suffered sharp losses as investors rotated out of AI-exposed names. KOSPI closed down 4.46% at 6,516.27 and KOSDAQ dropped 5.33% to 749.64, with Samsung and SK Hynix falling more than 8% and 11% respectively. KRX triggered sell-side sidecars on both indices during the session.
The won strengthened modestly, with USD/KRW ending 0.47% lower at 1,480.38 amid sustained foreign equity inflows. Korea’s long-term bond yield rose 2.60% to 4.18% while the short-term rate held steady at the BoK base rate of 2.54%. News flow centered on prolonged won weakness pressuring corporate margins and banks, alongside BoK Governor remarks that non-deliverable forwards are elevating spot exchange rates.
Oil prices climbed 2.47% to $91.42, adding cost pressure to the import bill.
The Day Ahead
Markets will focus on the Bank of Korea’s Q2 GDP advance estimates due at 15:00 ET. Consensus forecasts a marked deceleration to 0.5% QoQ and 3.3% YoY, well below prior prints of 1.8% and 3.8%. Any further downside surprise would reinforce expectations for policy easing later this year.
No BoK speakers are scheduled. KRX will continue monitoring volatility after yesterday’s sidecar activations. Offshore won settlement pilot preparations remain in focus ahead of the September launch.
Other Economic Notes
Per capita GDP is projected to exceed $39,000 this year on resilient export earnings. Authorities unveiled plans to permit free won trading for foreigners and will pilot a 24-hour offshore won settlement network in September, with full rollout targeted for January. These measures aim to deepen won liquidity and reduce reliance on NDF markets.
Prolonged currency weakness continues to squeeze margins at leveraged corporates and regional banks. Semiconductor export momentum remains the key growth driver despite today’s equity selloff.
