Over 1.2 million Korean retail accounts faced margin calls, KOSPI fell 18%

Goldman Sachs reports widespread stress among South Korean leveraged retail traders as of July 13: over 1.2 million margin accounts triggered margin calls, with an estimated 320,000–360,000 fully liquidated. This equates to about 3.4% of the adult population receiving margin calls. The KOSPI has fallen approximately 18% since July 13. Subsequent estimates place total fully liquidated accounts above 500,000, indicating escalating forced deleveraging.