▲ The closing prices of KOSPI and KOSDAQ are displayed at the dealing room of Hana Bank in Jung-gu, Seoul, on June 29.
The KOSPI 200 Volatility Index (VKOSPI), often referred to as the "Korean fear index," soared to another record high today (June 29).
The index closed at 96.94, up 4.56% from the previous trading session.
The index jumped 5.70% at the opening, reaching an intraday high of 97.99.
This level significantly exceeds the previous high of 83.58 recorded on March 5 of this year, immediately following the outbreak of the war with Iran, and marks the highest point since the Korea Exchange began official publication of the index on April 13, 2009.
Even when looking at VKOSPI data collected before the official launch of the index, the closing figure surpassed the level seen on October 29, 2008 (89.30), during the global financial crisis.
However, in terms of intraday records, the index once surged to 103.05 in 2008.
Market analysts attribute the increased volatility to supply-demand imbalances caused by single-stock leveraged ETFs for Samsung Electronics and SK Hynix, as well as renewed noise regarding the U.S.-Iran conflict over the weekend.
Han Ji-young, an analyst at Kiwoom Securities, explained, "News of retaliatory airstrikes and counterattacks between the U.S. and Iran was reported over the weekend," adding, "Factors such as Apple's product price hikes are also creating noise and exacerbating market confusion."
This suggests concerns have emerged that hyperscalers, including Apple, which operate large-scale AI data centers, may reduce investments due to their inability to absorb rising memory prices.
In particular, as Samsung Electronics and SK Hynix account for a significant portion of the domestic stock market, doubts surrounding these companies are interpreted as a key driver of the heightened volatility.
The VKOSPI is an annualized indicator of the expected volatility of the KOSPI 200 over the next 30 days, as reflected in the prices of KOSPI 200 options.
Since it calculates the volatility of the KOSPI 200 with a 30-day residual maturity using listed settlement month contracts in the KOSPI 200 options market, a higher option price is interpreted as market participants anticipating greater potential for price fluctuations in the KOSPI 200.
The KOSPI closed at 8,394.65 today, down 0.20% from the previous session.
The index fell as much as 3.37% to the 8,100 level during the day, but it appears to have recovered some of its losses after Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won announced investment plans for artificial intelligence (AI) and semiconductors, respectively, at the "National Report on the 3 Major Mega Projects for Korea's Great Leap Forward" presided over by the Blue House.
(Photo: Yonhap News)
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