[2026.06/22~06/26] Korea Stock Market Weekly Review | KOSPI -6%, KOSDAQ -11% in Black Tuesday & Friday Crash

📌 Weekly Wrap-Up (Jun 22 – Jun 26, 2026): A brutal roller-coaster week defined by a "Black Tuesday & Black Friday." The KOSPI plunged -6.07% to 8,411.21 and the KOSDAQ collapsed -11.08% to 851.37, with a circuit breaker triggered on Friday amid relentless foreign selling and a surging won-dollar rate.

📊 This Week at a Glance

Korean equities suffered one of their most violent weeks on record. Despite a strong mid-week rebound powered by Micron's earnings surprise and SK Hynix's Nasdaq ADR listing hopes, foreign profit-taking and inflation jitters dragged both benchmarks sharply lower into the weekend. The KOSPI's intraweek swing exceeded 1,170 points (high 9,253 / low 8,081), an abnormal level of volatility.

IndexWeek OpenWeek HighWeek LowWeek CloseWeekly ReturnWeekly Volume
KOSPI8,954.439,253.008,080.998,411.21-6.07%226,334.5만
KOSDAQ957.49979.58838.53851.37-11.08%344,053.9만
USD/KRWWeek Close1,535.00 (multi-year high zone)

📅 Daily Performance

The week was a study in extremes — a near-10% single-day crash, two powerful rebounds, and another circuit-breaker-driven sell-off, all within five sessions.

DateKOSPI CloseKOSPI ChgKOSDAQ CloseKOSDAQ Chg
Mon 06/229,114.55+0.69%968.40+0.19%
Tue 06/238,203.84-9.99%891.52-7.94%
Wed 06/248,471.02+3.26%909.31+2.00%
Thu 06/258,930.30+5.42%887.81-2.36%
Fri 06/268,411.21-5.81%851.37-4.10%

📈 KOSPI Weekly Analysis

The KOSPI opened the week near 8,954 and briefly surged as high as 9,253 mid-week before ultimately closing at 8,411.21, a weekly loss of -6.07%. The path there was extraordinary: a -9.99% crash on Tuesday 6/23 ("Black Tuesday") was followed by a +3.26% bounce on 6/24 and a +5.42% surge on 6/25, only for the index to plunge -5.81% again on Friday 6/26, triggering a circuit breaker. Micron's blowout results and anticipation of SK Hynix's Nasdaq ADR listing fueled the mid-week recovery, but large-scale foreign profit-taking and caution ahead of US PCE inflation data pulled the index back down by week's end.

📉 KOSDAQ Weekly Analysis

The KOSDAQ fared far worse, shedding -11.08% on the week to finish at 851.37 — nearly double the KOSPI's decline. After a flat start (+0.19%) on 6/22, it cratered -7.94% on 6/23, managed a modest +2.00% rebound on 6/24, then fell -2.36% and -4.10% on 6/25 and 6/26 respectively. The 900 level gave way and the index was pushed down toward 850. Notably, even as the KOSPI jumped over 5% on 6/25 led by large-cap chip names, the KOSDAQ failed to follow as bio and secondary-battery names were hit by profit-taking — a clear sign of sapped risk appetite in small- and mid-cap growth stocks.

🔥 Weekly Themes & Sectors

  • Semiconductor Leverage / Single-Stock ETFs (Down): SK Hynix single-stock leveraged ETFs (KODEX, TIGER, ACE, RISE) dominated the week's biggest decliners. KODEX SK Hynix Single-Stock Leverage fell 7,240 won to 34,545. A crowded mid-week chase on the Micron tailwind amplified losses when the market crashed on Friday, prompting regulators to flag concerns over chip concentration.
  • Inverse / Double-Inverse (2X) Products (Up): RISE 200 Futures Inverse 2X, SOL SK Hynix Futures Inverse 2X, and Kiwoom Inverse 2X Power ETN rallied, reflecting concentrated hedging and bearish-bet demand during the sell-off.
  • Construction / Holding-Company Movers (Up): Kumho E&C, Kumho E&C (pref), Kumho Electric, and Gwangju Shinsegae hit the upper limit, as rotational buying chased stocks with individual catalysts (earnings, asset value) even amid the index rout.
  • Bio & Secondary Battery (KOSDAQ) (Down): Persistent profit-taking even during rebound sessions led the KOSDAQ's underperformance, reflecting broad-based deterioration in growth-stock sentiment.

Within the limited sector data provided, defensive and domestic-demand groups held up relatively well — Diversified Consumer Services (+0.45%), Diversified Telecom (+0.35%), Department Stores & General Retail (+0.33%) — while Real Estate (-0.82%), Cards (-0.75%), and Wireless Telecom (-0.32%) lagged. The sector swings shown are far smaller than the index plunge, suggesting a partial sample; in reality the market was an extreme stock-picker's tape mixing collapsing chip-leverage products with select catalyst-driven winners.

💰 Foreign & Institutional Weekly Flow

While aggregate weekly foreign/institutional flow figures were not separately tabulated this week, news coverage repeatedly pinpointed "indiscriminate foreign profit-taking" and "large-scale net selling" as the core driver of the 6/23 and 6/26 crashes. That foreign selling pushed the won-dollar rate up into the 1,535–1,542 range, stoking dollar demand and raising fears of a vicious cycle in which a weaker won fuels further foreign outflows.

🌍 Global Impact

US markets were essentially flat — S&P 500 -0.05% (7,354.02), Nasdaq -0.24% (25,297.62), Dow -0.09% (51,876.11). With Wall Street steady, Korea's extreme volatility was driven far more by internal factors — the won's spike to 1,535, foreign flows, and chip concentration/profit-taking — than by global cues. Micron's earnings surprise was a short-term boost for 6/25's chip rebound, but caution around the US May Core PCE and final GDP releases re-chilled sentiment heading into the weekend.

📋 This Week's Economic Indicators & Earnings

Several high-impact global releases landed during the week. Actual prints were not confirmed in available Naver news coverage and are marked TBD.

Date (KST)CountryEventForecastPreviousActual
06/22CADCPI m/m0.7%0.4%TBD
06/22CADMedian CPI y/y2.1%2.1%TBD
06/22CADTrimmed CPI y/y2.0%2.0%TBD
06/24AUDCPI y/y4.3%4.2%TBD
06/25AUDEmployment Change31.2K-18.6KTBD
06/25AUDUnemployment Rate4.4%4.5%TBD
06/25USDCore PCE Price Index m/m0.3%0.2%TBD
06/25USDFinal GDP q/q1.6%1.6%TBD

Domestic Disclosures (DART): No major disclosures were captured this week. Earnings: Market commentary continued to focus on the upcoming Q2 earnings season, with semiconductor results (following SK Hynix's prior earnings surprise) remaining the key swing factor for sentiment.

🔮 Next Week Outlook & Key Risks

Next week brings the US June jobs report (non-farm payrolls, unemployment rate), ISM manufacturing and services indices, and additional inflation data — all likely to drive global rate direction. Domestically, the key questions are whether foreign trading resumes after quarter-end/half-year-end positioning and whether the won-dollar rate can stabilize around the 1,535 line. Follow-through from SK Hynix's Nasdaq ADR listing and the start of the Q2 earnings season also warrant attention.

Key risks to watch:

  • ① If USD/KRW entrenches near 1,535, further foreign net selling and a self-reinforcing outflow cycle.
  • ② Regulatory scrutiny and volatility risk around crowded semiconductor single-stock leveraged ETFs.
  • ③ Erosion of market confidence and risk appetite after Friday's circuit breaker.
  • ④ A re-acceleration in US PCE inflation could push rates higher, with US 10-year yields potentially re-approaching 5%.
  • ⑤ If the KOSDAQ 850 support fails, additional downside for small- and mid-cap growth names.

⚠️ Investment Disclaimer

Disclaimer: This post is for informational purposes only and does not constitute investment advice. All investment decisions are the sole responsibility of the investor. Past performance does not guarantee future results.

🇰🇷 Korean Version: https://kai-search.tistory.com/manage/posts/

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