On July 28, the Korea Composite Stock Price Index (KOSPI) closed down 732.12 points, or 10.84%, at 6023.63, after briefly falling over 11% to below 6000 points during the session. Among individual stocks, SK Hynix closed down over 14%, and Samsung Electronics fell over 13%.
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Korean Stocks Drop 10.84% at Close
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Samsung Electronics Plunges 13.39% in Biggest Single-Day Drop in 18 Years, Nearly Halved from Record High
On July 28, Samsung Electronics in the Korean market closed down 13.39% at 220,000 won, recording its largest single-day drop since October 24, 2008. The stock price hit a new closing low since April 24, and has retreated 41% from its all-time high on June 19. -
Oman Proposes Hormuz Strait Management Plan to Iran: Regional Joint Management with Voluntary User Funding
On July 28, according to Reuters, Gulf region sources said that Oman has proposed to Iran a plan to establish a joint regional mechanism for managing the Strait of Hormuz, with voluntary fees. The proposal from Oman has gained regional support. The plan is based on the Malacca Strait model, where relevant parties using the strait voluntarily contribute funds for navigation safety, environmental protection, search and rescue operations, etc. Under this plan, Iran would not have sole control over the Strait of Hormuz. (Jin Shi) -
FTSE China A50 Index Futures Continue Weakness in Afternoon, Now Down Over 3%
FTSE China A50 index futures continued their weakness in the afternoon, now down more than 3%. -
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Japanese Stocks Close Down 3.95%
On July 28, the Nikkei 225 index closed down 2566.27 points, or 3.95%, at 62,364.92 points. -
Shanghai Composite Index Breaks Below 3800 Points
On July 28, the Shanghai Composite Index of A-shares lost the 3800-point integer mark, now down 1.54%; the STAR 50 Index fell over 7%, the ChiNext Index dropped over 7.5%, and the Shenzhen Component Index decreased by 4.65%; C Changxin's afternoon trading volume exceeded 400 billion yuan, now down 2.8%. -
Ukrainian President Zelensky Arrives in US for Talks with Trump
In the early hours of July 28 local time, Ukrainian President Volodymyr Zelensky arrived in the United States. According to the schedule, he will meet with U.S. President Donald Trump later that day. Zelensky stated that anti-missile defense and strategic cooperation with the U.S. are the top priorities for his meeting with Trump. (CCTV) -
2x Long SK Hynix Plunges Over 30%, Retraces 80% from Peak
On July 28, Hong Kong-listed memory concept stocks extended losses. CSOP 2x Long SK Hynix fell over 30%, retracing over 80% from its June high; CSOP 2x Long Samsung Electronics dropped over 27%, retracing 75% from its June high. -
South Korea's KOSPI Index Falls Below 6,000 Points, Down Over 30% from June Peak
On July 28, South Korea’s KOSPI index extended its decline in late trading, plunging 11% intraday, falling below the 6,000-point mark for the first time since April 14, down over 30% from its June peak. SK Hynix dropped over 14%, while Samsung Electronics fell more than 13%. -
Analyst: Fed Chair Wash Unlikely to Challenge Consensus
On July 28, Mabrouk Chetouane, Head of Global Market Strategy at Natixis Investment Management, said in a report that Fed Chair Wash is unlikely to challenge the current consensus at his second monetary policy committee meeting. Chetouane stated that Wash will not succumb to the temptation of a 25-basis-point rate hike, even though at this stage, it is almost impossible to bring inflation back to target by year-end. Additionally, Wash does not want to risk disrupting the slow but steady improvement in the labor market—a trend that has persisted for several weeks—by tightening monetary conditions. Analysts widely expect the Fed to hold steady on Wednesday, but money markets reflect a 38% probability of a rate hike. (Jin Shi)
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