Korean Stocks Plunge Amid Oil Price Hikes and U.S. Interest Rate Rise

The Korean stock market continued its downward trend for the fourth consecutive week, ending at 6,690.62 on July 24th, down 1.91% from the previous week.

A 'sidecar' was triggered in both the KOSPI and KOSDAQ markets for the 10th straight trading session, indicating investor fatigue.

The decline in oil prices to $100 and a rise in U.S. Treasury yields to 4.7% contributed to the market instability.

Samsung Electronics and SK hynix led the market drop, falling by 10.73% and 15.51%, respectively.

In response to the volatility, President Lee Jae-myung ordered officials to 'boldly take necessary response measures swiftly,' resulting in a strengthened base deposit requirement for single-stock leverage products.