On average, South Koreans hold more than 2 stock trading accounts. South Korea's stock market is characterized by "foreign capital selling, individual investors leveraging up".

The South Korean stock market has recently hit new highs multiple times, with the KOSPI index nearly doubling since the beginning of this year. However, on June 26, the KOSPI index plummeted by over 8% at one point, triggering the circuit breaker mechanism for the second time this week. Within just one week, the South Korean stock market experienced two "roller-coaster" sessions, attracting global market attention. Data shows that retail trading in South Korea is very high. As of June 24, the total number of domestic stock trading accounts in South Korea was 108.77 million, while the total population of South Korea is only over 50 million. On average, each person holds more than two stock accounts, and a large amount of funds are flowing in through high leverage ETFs. Last week, the Fed's hawkish shift in monetary policy directly suppressed overvalued tech stocks. The report released by J.P. Morgan shows that foreign capital has net outflowed approximately $95 billion from the South Korean stock market this year. At the same time, retail investors have accumulated a net buying size of about $80 billion this year, becoming the main force supporting the market. This "foreign selling, retail investors adding leverage" pattern is prone to triggering forced liquidation during market volatility, leading to partial malfunction of the pricing mechanism.