Korea Macro Daily(Beta Mode)
Chip Selloff Sinks KOSPI 11%, Won Rises
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| KOSPI | 6,023.66 | -10.84% |
| KOSDAQ | 705.85 | -7.72% |
| USD/KRW | 1,443.49 | -1.43% |
| Samsung | 208,500.00 | -5.23% |
| SK Hynix | 1,401,000.00 | -9.61% |
| Brent Crude | 90.55 | +7.68% |
| Gold | 4,125.00 | +2.20% |
| Bitcoin | 63,290.14 | -0.91% |
| Korea Short-term Rate | 2.54% | +0.00% |
| Korea Long-term Rate | 4.18% | +2.60% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Consumer Confidence Index | 106.60 | - | 106.80 |
| Business Confidence Index | 79 | - | - |
Korea Short vs Long-term Rates | Type: macro_line | Short-term Rate %: 2.537 (2026-06-01) | Range: 0.56–3.639 | Trend(6pt): 0.56,2.959,3.639,2.965,2.517,2.537 | Long-term Rate %: 4.181 (2026-06-01) | Range: 1.905–4.272 | Trend(6pt): 1.905,4.267,3.415,2.83,3.737,4.181
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Friday (2026-07-31) | |||
| Exports Year-over-Year | 70.90 | 57.80 | 16:00 |
- KOSPI falls 10.84% to 6,023.66 on heavy chip stock selling
- Won strengthens to near four-month highs as USD/KRW drops 1.43%
- Consumer confidence rises to 106.8 while BoK flags market uncertainty
Yesterday's Recap
South Korea’s equity markets suffered sharp losses as investors dumped semiconductor names. KOSPI closed at 6,023.66 after a 10.84% decline while KOSDAQ fell 7.72% to 705.85. Samsung dropped 5.23% and SK Hynix fell 9.61% despite the latter’s earlier report of surging Q2 profits on memory demand that nevertheless missed market forecasts.
The won strengthened 1.43% to 1,443.49 against the dollar, reaching levels last seen four months ago. Authorities convened an emergency meeting after 864 trillion won exited the stock market in recent sessions. Consumer confidence improved modestly to 106.8 from 106.6.
Bank of Korea officials warned of elevated stock-market uncertainty and noted that the chip boom should limit further downside for Korean equities. Long-term bond yields rose 2.60% to 4.18% while the short-term rate held at 2.54%.
The Day Ahead
Markets will focus on Friday’s exports year-over-year release, with consensus at 57.8% after the prior 70.9% reading. Officials from the Ministry of Economy and Finance, Financial Services Commission, Financial Supervisory Service and Bank of Korea are expected to monitor flows closely. No major domestic data prints are scheduled for Thursday.
Regional equity sentiment and U.S. tech performance will influence chip-related names. The won’s recent resilience may face tests if global risk aversion intensifies.
Other Economic Notes
Persistent foreign outflows totaling 864 trillion won have prompted coordinated policy responses to stabilize markets. South Korea continues efforts to expand trade access in South America, where Brazilian concerns over resource extraction must be addressed to unlock broader deals. Export-oriented growth remains the dominant driver, with memory-chip cycles directly affecting both corporate earnings and the external balance.
Long-term bond yields rose 2.60% to 4.18% while the short-term rate held at 2.54%. These moves reflect shifting expectations around inflation persistence and external financing conditions.
Global Macro News
Asian shares slipped as the chip selloff spread beyond Korea, pressuring names such as Micron and Infineon. Brent crude rose 7.68% to 90.55 on supply concerns while gold advanced 2.20% to 4,125.00. <i>↓ p.2</i>
