KOSPI rout deepens retail losses, fuels forced selling fears

The KOSPI tumbled more than 7 percent Thursday in Seoul, deepening retail investors’ losses after a decline of over 5 percent two days earlier. Samsung Electronics and SK hynix led the slide, while investors faced difficult choices over whether to sell or await a rebound. Concerns about forced selling grew as margin loans exceeded 34 trillion won and forced liquidations surged.

Outstanding margin loans reached 34.25 trillion won as of Tuesday, according to the Korea Financial Investment Association.

Forced liquidations rose to 59.35 billion won on Tuesday from 27.1 billion won Monday and about 6.4 billion won per day on Oct. 8 and 9.

Investors using borrowed funds may have to provide additional collateral or have their shares forcibly sold when collateral values fall below required thresholds.

Large-scale forced sales can create a cycle in which falling prices trigger more liquidations and additional downward pressure on the market.

Published Oct 15, 2026 4:40 pm KST

Updated Oct 15, 2026 4:51 pm KST

A stock ticker at Hana Bank's headquarters in Seoul shows the benchmark KOSPI trading at 5,475.03, down 8.88 percent from the previous close, Thursday. Korea Times photo by Shim Hyun-chul

Retail investors’ losses and unease are deepening as the KOSPI tumbled more than 7 percent Thursday, following a decline of over 5 percent just two days earlier.

The slide, led by chip giants Samsung Electronics and SK hynix, has turned paper profits into losses. Many investors now feel they have missed their chance to sell and are struggling to decide whether to cut their losses or hold on in the hope of a rebound, as frustration mounts and confidence in Korean equities fades.

"I don’t know where the market is headed anymore. I’ve stopped trying to lower my average purchase price by buying more shares," one investor wrote on an online stock forum.

Those who bought stocks with borrowed money also face growing concerns about repaying their loans.

Outstanding margin loans used to buy stocks topped 34 trillion won ($25 billion) for the first time in three months since July. The balance stood at 34.25 trillion won as of Tuesday, according to the Korea Financial Investment Association.

Buying stocks with funds borrowed from brokerages can boost returns in a rising market, but it also exposes investors to steeper losses during a downturn. If collateral values fall below the required threshold, investors may be required to provide additional collateral or have their shares forcibly sold by their brokerages.

As stocks plunged, forced liquidations surged to 59.35 billion won on Tuesday, more than double Monday’s 27.1 billion won, adding to the pressure on leveraged investors. The figure had stood at about 6.4 billion won a day on Oct. 8 and 9.

If large volumes of shares are forcibly sold at once, they can also put further downward pressure on the market, creating a vicious cycle in which falling prices trigger more liquidations and additional selling.

"KOSPI got hammered yet again today. Weren’t they saying 6,000 would hold? The National Pension Service can only prop it up for so long," another investor wrote on an online forum.

Black Thursday: KOSPI plunges 7% amid AI spending fears

韩国综合股价指数（KOSPI）周四在首尔暴跌逾7%，此前两天该指数已下跌超过5%，进一步加剧了散户投资者的损失。三星电子和SK海力士领跌，投资者面临着艰难的选择：是抛售股票还是等待反弹。由于融资融券规模超过34万亿韩元，强制平仓事件激增，市场对强制平仓的担忧也随之加剧。

据韩国金融投资协会的数据，截至周二，未偿还保证金贷款总额达到34.25万亿韩元。

周二强制清算金额增至 593.5 亿韩元，而周一为 271 亿韩元，10 月 8 日和 9 日每天的强制清算金额约为 64 亿韩元。

使用借贷资金的投资者可能需要提供额外的抵押品，或者当抵押品价值低于规定阈值时，其股份可能会被强制出售。

大规模强制抛售可能会形成恶性循环，价格下跌会引发更多清算，从而给市场带来更大的下行压力。

发布于2026年10月15日下午4:40（韩国标准时间）

更新于2026年10月15日下午4:51（韩国标准时间）

首尔韩亚银行总部的股票行情显示屏显示，韩国综合股价指数（KOSPI）报5475.03点，较周四前一交易日收盘价下跌8.88%。韩国时报摄影师沈贤哲（Shim Hyun-chul）摄。

韩国综合股价指数（KOSPI）周四暴跌超过7%，此前两天该指数已下跌超过5%，这加剧了散户投资者的损失和不安情绪。

受三星电子和SK海力士等芯片巨头的领跌影响，韩国股市股价暴跌，账面盈利转为亏损。许多投资者感觉错过了卖出良机，正苦苦思索是止损还是继续持有，寄希望于反弹。随着市场情绪日益低迷，对韩国股市的信心也逐渐消退。

“我不知道市场会走向何方了。我已经不再试图通过买入更多股票来降低平均购买价格了。”一位投资者在在线股票论坛上写道。

那些用借来的钱购买股票的人也越来越担心偿还贷款的问题。

用于购买股票的未偿保证金贷款余额自7月以来首次突破34万亿韩元（约合250亿美元），截至周二，余额为34.25万亿韩元。

在股市上涨时，利用从券商借入的资金购买股票可以提高收益，但在股市下跌时，投资者也可能面临更大的损失。如果抵押品价值低于规定的门槛，投资者可能需要提供额外的抵押品，或者券商会强制出售其持有的股票。

周二，随着股市暴跌，强制平仓规模飙升至593.5亿韩元，是周一271亿韩元的两倍多，进一步加剧了杠杆投资者的压力。10月8日和9日，这一数字约为每日64亿韩元。

如果大量股票一次性被强制抛售，也会对市场造成进一步的下行压力，从而形成恶性循环，价格下跌会引发更多的清算和进一步的抛售。

“KOSPI今天又遭重创了。他们不是说能守住6000点吗？国民年金公团也撑不了多久了，”另一位投资者在网上论坛上写道。

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