Why did the KOSPI fall today?
1. Korean leverage trading has climbed to excessively high levels.
2. Ahead of Micron's earnings, profit taking is underway, with talk that buyside expectations have become too elevated.
3. Korean lawmakers are discussing imposing taxes on unrealized gains from stocks.
4. SK Hynix overtaking Samsung Electronics in market capitalization is being read as a market top signal.
Commentary: With Samsung Electronics' earnings scale still exceeding that of SK Hynix, a reversal in market cap can be interpreted as a sign of market overheating.
5. A delay in SK Hynix's ADR listing.
6. The failure of the Korean market to gain inclusion in the MSCI developed markets index, and so on.
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