杠杆是本轮下跌的放大器。Kospi 两日累计重挫 18%，为全球最差表现之一，市值蒸发约 6,250 亿美元（$625 billion），高估值科技股受创最深。即使如此，指数年初至今仍上涨 21%，显示先前涨势与当前去杠杆同样极端。保证金融资余额创逾 32 兆韩元（$21 billion）纪录后，多家券商因触及授信上限而暂停新增融资。
结构性讯号在崩跌前已出现：推动前期行情的外资于 2 月转为净卖出，且卖超规模创纪录，市场亦流传部分基金逼近韩国曝险上限与被动卖压。市场叙事转向「风险重估」：Ajay Rajadhyaksha 指出股市先前至少约 1 到 1.5 天低估战事风险；Matthew Haupt 则仅采取审慎偏多。微观层面上，22 岁学生将兵役 1.5 年（18 个月）累积的 1,700 万韩元投入股市，而现场排队退场的投资人反映了信心脆弱度。
A sharp Wednesday afternoon selloff in South Korean equities triggered panic across Seoul’s financial district, with clients crowding Mirae Asset Securities to exit leveraged positions. After US and Israeli strikes on Iran drove global energy prices higher, Korea’s import-dependent economy faced immediate stress, and the Kospi’s intraday loss widened from 8% to 10% to 12%, flipping retail sentiment from AI euphoria to risk-off behavior.
Leverage acted as the key amplifier of the decline. The Kospi fell 18% over two sessions, one of the world’s worst performances, erasing about $625 billion in market value, with high-valuation tech names hit hardest. Even after the crash, the index remains up 21% year to date, showing that the prior upside and the current deleveraging were both extreme. Margin debt had climbed to a record above 32 trillion won ($21 billion), and multiple brokers halted new margin loans after reaching credit caps.
Structural warning signs had appeared before the rout: foreign funds that supported last year’s rally turned net sellers in February and dumped a record amount, while traders discussed funds nearing Korea exposure limits and potential forced selling. The narrative then shifted to risk repricing: Ajay Rajadhyaksha said markets had underpriced war risk for roughly the first 1 to 1.5 days, while Matthew Haupt took only a cautious long. At the micro level, a 22-year-old student added his full 17 million won savings from 1.5 years (18 months) of military service, as investors lining up to exit reflected how fragile confidence had become.