South Korea's Stock Market Crash: Emergency Meeting After Billions Wiped Out

South Korea's stock market has experienced a severe crash, with the KOSPI index dropping over 40% in just 40 days, wiping out approximately $2 trillion in market value. This rapid decline has triggered multiple circuit breakers and prompted an emergency meeting by financial authorities. The crash has been attributed to excessive leverage among retail investors, particularly in single-stock leveraged ETFs, and concerns about new Chinese competition and disappointing earnings from SK Hynix. The Bank of England is also investigating potential risks from Asian equity exposure among London-based investment banks. Regulators are considering measures to stabilize the market and prevent further losses.