South Koreans ‘intoxicated by stocks’ swarmed market frenzy – and lost everything

South Koreans ‘intoxicated by stocks’ swarmed market frenzy – and lost everything4-MIN READ4-MIN0ListenPublished: 2:01pm, 23 Aug 2026It was a ⁠vision to give South Korea a stock market that reflected its true economic ⁠dynamism, by shedding regulatory taboos and encouraging bolder bets – instead, it created an investor trauma that could take years to shake.The ⁠30 per cent decline in the Kospi benchmark since its June 19 peak has hurt President Lee Jae Myung’s government politically and turned the spotlight on an economic system that drove retail investors into poorly understood leveraged products.It has also raised questions about how South Korea, a tech powerhouse, can progress to developed market status when it hosts such extreme behaviour by retail investors, known locally as “ants” for their tendency to swarm into trades.Select VoiceSelect Speed0.8x0.9x1.0x1.1x1.2x1.5x1.75x00:0000:001.00x