KOSPI Surges 101% in H1, Then Plunges 25.2% in Two Weeks Amid Record Volatility

According to an NH Investment & Securities report on July 20, South Korea's KOSPI index soared 101% in the first half of 2026 but fell 25.2% to 6,820 within just two weeks after hitting its monthly peak. The VKOSPI volatility index reached 96.9, surpassing crisis-era highs from 2008 (89.3) and the pandemic (69.2). Despite the extreme swings, analyst Na Jung-hwan stated the bull market is not ending, as neither earnings growth slowdown nor monetary tightening has materialized. SK Hynix reported a 76.7% operating margin forecast, exceeding Samsung Electronics' 51.8%, with the two semiconductors accounting for 71.2% of KOSPI's net profit. NH Investment & Securities flagged AI infrastructure, energy, and securities sectors as investment opportunities.
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