On July 29, iShares MSCI South Korea ETF fell 5.1% in pre-market trading, trading at $146.34/share, with turnover of $75.59 million.

On the news front, memory chip giant SK Hynix reported Q2 sales of 79.32 trillion won, missing market expectations of 84 trillion won, with operating profit also falling short of consensus. Combined with growing skepticism over the sustainability of AI infrastructure spending, the KOSPI index plunged over 12% intraday, triggering circuit breakers for the second consecutive trading day. SK Hynix fell over 17%, marking a record single-day decline and a 57% cumulative drop from its June all-time high, while Samsung Electronics fell over 10%. The two stocks together account for more than 50% of the KOSPI weighting, leaving virtually no safe haven in the broader market. Retail investors net sold 1.9 trillion won of KOSPI constituents, sharply reversing their prior pattern of buying dips, as the Korean government stated it sees no need to activate market stabilization funds at this time.

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