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KOSPI Falls 28.9% in July, Surpassing 2008 Financial Crisis Monthly Decline

GateNews
Indices
NDAQ2.03%
NVDA-5.04%
According to Korea Exchange, KOSPI declined 28.9% in July 2026, marking the largest monthly drop since the 2008 global financial crisis (which saw a -23.1% monthly decline). The index closed at 6,023.66 on July 28. The selloff exceeded the Nasdaq's -22.9% decline during the 2000 IT bubble burst and approached the 1987 Black Monday plunge of -27.2%. Year-to-date KOSPI gains fell to 42.94%, dropping below Taiwan's Taiex index at 50.65%. Concerns over China's semiconductor advances, including domestic DUV lithography equipment production and CXMT's explosive IPO, triggered heavy selling. Rising funding costs for U.S. big tech firms further pressured markets, with Nvidia's 5-year CDS premiums reaching 0.82%, up from prior levels of 0.35-0.50% in late 2025.
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