韩国股市经历了剧烈波动。韩国综指从2025年4月9日的2284点启动，在2026年6月19日达到9385的峰值，随后大幅回调至5000—6000点区间[1]。这轮调整引发了散户的大规模爆仓。截至7月13日，超过120万个杠杆散户账户触及保证金追缴线，其中32万至36万个账户遭券商全额强制平仓，强平率从2.1%急剧飙升至10%[1]。
韩国散户参与市场的规模庞大且杠杆比例高。在5000万人口的韩国，已开设超1亿个股票账户，人均拥有两户[1]。爆仓股民中，20岁至30岁的年轻人占比达62%[1]。值得注意的是，韩国股市权重最高的两只股票——三星电子和海力士——其经营业绩和增长预期都保持在正常水平[1]，三星电子目前股价约为23万元，较一年前上升约三倍[1]。市场的剧烈波动并非由基本面恶化所驱动，反映了韩国股市散户文化的特殊性。相比之下，美国散户资金在美股的占比约为40%至60%[1]，远低于韩国市场的参与度和杠杆程度。
South Korea's equity market has experienced a severe downturn following a dramatic rally, triggering a cascade of forced liquidations among retail investors using leverage. As of July 13, more than 1.2 million leveraged retail accounts have hit margin call thresholds [1], with between 320,000 and 360,000 accounts undergoing full forced liquidation by securities firms—a spike in liquidation rates from 2.1% to 10% [1]. The Korean Composite Index surged from 2,284 points on April 9, 2025, to a peak of 9,385 on June 19, 2026, before retreating to the 5,000–6,000 point range [1].
The scale of retail participation in South Korea's stock market has reached unprecedented levels, with approximately 100 million stock trading accounts opened among a population of 50 million, meaning the average citizen holds two accounts [1]. Young investors aged 20 to 30 account for 62% of those caught in margin calls [1]. Samsung Electronics, which represents 40% of the market's weighting, now trades around 230,000 won—approximately triple its value one year prior [1], despite the company's operational performance and growth expectations remaining normal [1].
