South Korean drama: Global investors fixated as market crashes

South Korea's stock market is experiencing its worst crash in history, with the Kospi index shedding almost 40% in just five weeks. This dramatic downturn has instilled fear and angst across the nation, threatening the livelihoods of millions. Young investors, like 24-year-old university student Lee Seung-ho, who borrowed heavily to invest in technology stocks, have seen their fortunes evaporate.

The market's collapse is particularly concerning because it was fueled by a debt-driven boom, especially in memory chip makers. Even stellar earnings from major companies have failed to stem the panic, as the leveraged investments amplify the losses. This situation has left over a million South Koreans underwater financially, with hundreds of thousands losing everything.

Globally, investors are watching closely, viewing the meltdown in one of the world's most technology-intensive markets as a potential harbinger for the end of a four-year boom in tech stocks. Concerns are mounting over the excessive spending by leading technology firms, which has begun to rattle Wall Street. The Kospi, once considered an exotic financial sideline, has become a keenly observed market, possibly signaling a broader economic shift.

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I couldn't breathe.