KOSPI Volatility Index Hits 96.9 on July 14, Exceeding Global Financial Crisis Peak

According to an NH Investment & Securities report on July 14, South Korea's KOSPI 200 volatility index (VKOSPI) surged to 96.9, surpassing the 89.3 peak recorded during the global financial crisis. The index, which has a long-term average of 21.6, rose to over four times its historical mean.

Research analyst Kim Byeong-yeon stated that negative factors including semiconductor peak-out concerns, U.S.-Iran tensions, supply disruptions, and rising U.S. interest rate expectations have been excessively reflected in the market. With the KOSPI down over 30% from its highs and extreme fear priced in, further selloffs may trigger a rebound within 2–3 trading days. Kim noted that AI investment momentum remains intact, with Big Tech capital expenditure expected to grow 51.1% this year, indicating the industry's growth trajectory remains sound.