After the crashes on the stock exchange: The Korean president called on residents not to commit suicide

The KOSPI index plunged yesterday (Thursday) by more than 7% and completed a drop of about 16% within a week, against the backdrop of the global memory stocks crisis. South Korean President Lee Jae-myung published an unusual tweet in which he called on residents to live and urged those in need to contact the emergency hotline, amid fears of the crash's consequences for private investors.

South Korea's main stock index, KOSPI, plunged yesterday (Thursday) by more than 7% and completed a drop of about 16% within a week, against the backdrop of the global memory stocks crisis. The declines intensified following an announcement by the Chinese chipmaker CXMT, which claimed progress in developing a new technology that could increase competition with the memory giants. The Korean index became a symbol of the gains at the start of the year thanks to the boom in the memory chip sector, as most of it rested on Samsung and SK Hynix. Since its peak in June it has weakened sharply. The prolonged rally drew many investors, some of them through leveraged products that increased exposure to fluctuations. While some exited in time, others absorbed heavy losses. South Korean President Lee Jae-myung published an unusual tweet on X: "We must live. At any cost. You must live," and called on those in need to contact the emergency hotline. The president did not explicitly mention the stock exchange, but the context is clear. The article emphasizes the danger of blind investment in hype and leverage.