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.
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