The KOSPI has ushered in an unprecedented 7,000-point era, turning what was once a "dream index" into reality. But retail investors who let go of the market's leading stocks find themselves sidelined from the celebration, voicing deep feelings of deprivation. As Samsung Electronics (005930.KS) and SK hynix (000660.KS) set fresh highs day after day, investors who cashed out early are now belatedly diving back in with borrowed money, spreading a "fear of missing out" (FOMO) phenomenon across the market.
According to the Korea Exchange on Monday, the KOSPI closed at 7,384.56, surging 6.45% from the previous session and rewriting Korean stock market history.
The day's rally was unmistakably led by the "semiconductor duo." Samsung Electronics soared 14.41% to close at 266,000 won, even briefly touching the 270,000-won threshold during the session. SK hynix also climbed 10.64% to 1.601 million won, opening the era of "1.6-million hynix."
Investors' reactions, however, are split. Individuals who heavily net-sold Samsung Electronics (8.11 trillion won) and SK hynix (3.41 trillion won) last month amid market jitters triggered by the Iran crisis and other events cannot hide their dismay. Online communities are flooded with bitter posts such as "Everyone made money except me" and "Is it science that stocks soar the moment I sell?"
The steeper the market climbs, the more pronounced the so-called FOMO symptoms become among retail investors. FOMO is a psychological term referring to the fear of being left out of a trend. In the stock market, it describes the anxiety-driven behavior of aggressively chasing stocks when others are profiting, out of the fear of having missed one's chance.
Typical symptoms include compulsively checking price quotes throughout the day, difficulty concentrating on daily tasks due to preoccupation with stocks, and the compulsion to hit the buy button out of impatience even while knowing prices are at peak levels.
This sense of exclusion is fueling a "debt-financed investment" craze. According to the Korea Financial Investment Association, the balance of margin loans stood at 36.07 trillion won as of the end of last month, surpassing 36 trillion won for the first time in history. This is evidence that a growing number of retail investors are borrowing from brokerages to aggressively buy stocks just to avoid being left behind.
As the market climbs steeply, anxiety is also approaching its threshold. The KOSPI 200 Volatility Index (VKOSPI), dubbed Korea's "fear gauge," stood at 60.07 on the day, directly reflecting concerns about market overheating.
Forces betting on a decline are also substantial. The net short-selling balance on the main bourse has exceeded 20 trillion won, while the stock lending balance surged nearly 25 trillion won in just one month to reach around 174 trillion won. This indicates that capital is piling up in anticipation of a peak-and-fall scenario, with investors pre-borrowing stocks to prepare for a downturn.
