Stock shock: From canceled dinners to silent offices, Koreans feel market pain

Korean retail investors are canceling dinner plans, falling silent at work and wondering whether to quit the market altogether after two days of steep market losses.

For those who never bought stocks, the market rout has brought an unexpected sense of relief.

The benchmark Kospi closed at 5,663.23 on Wednesday, down 5.98 percent from the previous session, according to the Korea Exchange. It briefly fell as low as 5,262.77 during the session, and triggered a circuit breaker for a second straight day.

The tech-heavy Kosdaq also activated a circuit breaker before ending 6.12 percent lower at 662.68.

Wednesday marked the first time both markets had triggered circuit breakers for two consecutive trading days.

The sharp losses have taken a heavy emotional toll on retail investors.

“I poured more than 3 million won [$2,064] into stocks yesterday after prices fell, but they dropped even further today,” said an office worker surnamed Kim. “I've run out of cash, so there's nothing I can do now.”

Another investor, surnamed Lee, lost about 15 percent in just two days.

“Outside it's a scorching heat wave, but my trading screen looks like it's stuck in a rainy season of blue,” Lee said. In the Korean market, blue represents losses, while red symbolizes gains. “When I see friends who sold during the rally, I can't help feeling frustrated and even angry.”

Some say the market's slide has even darkened the mood at work.

“Whenever SK hynix shares fall, the whole office seems to sink with them,” said another office worker surnamed Lee. “Nobody even wants to talk about stocks anymore. It's like a cloud is hanging over the entire office.”

For Kim, who works in Gwacheon, Gyeonggi, the crowded smoking area has become an impromptu support group.

“I never thought I'd see a stock market collapse worse than the 1997 Asian financial crisis my parents' generation lived through,” Kim from Gwacheon said. “Everyone out there is talking about how much money they've lost.”

Some investors are beginning to feel the market's pain beyond their brokerage accounts.

“My portfolio was worth more than 10 million won, but it's dropped to around 8 million won,” Park, a public servant, said. “I can't bring myself to sell, so the money is tied up. I've been cutting back on dinners out and trying to spend less on food.”

Others say the latest sell-off has driven them out of the market for good.

“I only bought blue chip stocks because I thought they were the safest option, but this crash taught me the hard way that you can't take the stock market lightly,” said an undergraduate surnamed Kang, who claimed he had lost 10 percent in a single day.

An office worker surnamed Ryu said she bought Korean semiconductor stocks out of fear of missing out (FOMO). She just lost 13 percent.

“Every time my stock app buzzes, I brace for more bad news,” she said. “It makes me want to cry.”

The same anxiety has spilled onto online forums and social media.

“Last month, my monthly paycheck couldn't cover the price of one SK hynix share,” one user wrote online. “Now it buys more than two.”

Another user uploaded a screen capture showing nearly 90 million won in trading losses and wrote, “I'm graduating from the stock market with a 100 million won loss. It's been a rough ride, everyone.”

Social media filled with posts depicting the market as “the scariest experience of my life” and “a nationwide casino.”

Meanwhile, people who stayed on the sidelines have embraced a new buzzword: JOMO — the joy of missing out. The term traditionally refers to the satisfaction of opting out, but more recently it has come to mean the relief of not having bought stocks.

“I had to sell all my Samsung Electronics shares a month ago because I urgently needed cash,” retail investor Han said. “At the time, everyone told me not to sell, so I thought I'd made a mistake. Looking at the market now, I'm just grateful I managed to walk away with even a small profit.”

Experts say investors should remain cautious while volatility remains elevated.

“The recent back-to-back plunge is more than a routine correction. It reflects a sharp deterioration in investor sentiment,” said Kim Dae-jong, a business professor at Sejong University.

“History shows that markets often recover after steep declines, with fundamentally strong companies leading the rebound. Rather than being swept up by fear, investors should make decisions based on companies' underlying value,” Prof. Kim added.

BY KWAK JOO-YOUNG, OH SAM-GWON [lee.soojung1@joongang.co.kr]