[Edaily Reporter kyoungeun kim ] As the KOSPI fell nearly by half from its peak, even the so-called “blue-chip stocks”—whose share prices had once exceeded 1 million won—have lost their crowns en masse. The remaining blue-chip stocks have also seen their share prices drop significantly compared to their 52-week highs. The larger the stocks—particularly those in the semiconductor, power equipment, and holding company sectors that had previously driven the index higher—the steeper their declines.

According to the Korea Exchange on the 9th, based on the day’s closing prices, there were four stocks on the KOSPI market trading at 1 million won or more: HYOSUNG HEAVY INDUSTRIES(298040)(1,549,000 won), SAMSUNG BIOLOGICS(207940)(1,510,000 won), SamyangFoods(003230)(1,152,000 won), and SK hynix(000660)(1,136,000 won). Compared to June 22, when the KOSPI hit an all-time high (9,114.55) based on the closing price and there were 11 such stocks, seven have dropped off the list of “blue-chip” stocks in just over four months. During this period, no new stocks surpassed the 1 million won mark.
The KOSPI closed at 5,018.85 on that day, down 0.81% from the previous trading session. It fell as low as 4,990.66 during the session, briefly dipping below the 5,000 mark before narrowly recovering toward the end of the session. This marked the third consecutive day of declines, following drops on the 5th (-5.28%) and 6th (-6.02%), with the index falling 11.7% during that period alone. Compared to the 52-week high (9,385.59) recorded during trading on June 19, the index is down 46.5%. The combined market capitalization of the index’s constituent stocks evaporated by over 3,307 trillion won, falling from 7,449.6 trillion won on June 22 to 4,142.2 trillion won on this day.
The plunge in blue-chip stocks was steeper than that of the index. The simple arithmetic average decline rate—calculated against their 52-week highs—for the 11 stocks that were considered blue chips at the KOSPI’s peak stood at 60.5%. All 11 were trading below their 52-week highs, and nine had fallen by more than half from their peaks. Among these, eight saw declines exceeding 60%. On this day as well, 10 of the 11 stocks—excluding SK hynix (0.35%)—fell.
LG Innotek saw the sharpest decline. The stock price, which had risen to 1,788,000 won during trading on June 1, plummeted 85.2% to 264,000 won on this day, falling to about one-seventh of its previous high. DOOSAN (2,489,000 won → 611,000 won, -75.5%) and HD HYUNDAI ELECTRIC (1,430,000 won → 356,000 won, -75.1%) saw their stock prices fall to a quarter of their previous levels. SKSQUARE (-67.0%), SamsungElectroMechanics (-65.1%), HANWHA AEROSPACE (-61.4%), and KoreaZinc (-57.3%) also saw their stock prices fall to less than half their peak levels, dropping below the 1 million won mark.
Even stocks that have managed to retain their status as market leaders have suffered deep losses. HYOSUNG HEAVY INDUSTRIES rose as high as 4,742,000 won during trading on May 7, but fell 67.3% to 1,549,000 won on that day. SK hynix fell 62.0% from its 52-week high of 2,987,000 won, recorded on June 25, to 1,136,000 won. After plummeting 10.44% on the 6th, SK hynix rebounded slightly on this day, but if its share price drops another 12.0%, it will fall below the 1 million won mark.
Even SAMSUNG BIOLOGICS and SamyangFoods, which fared relatively better, remain far from their 52-week highs. SAMSUNG BIOLOGICS fell 24.0% from 1,987,000 won on January 15 to 1,510,000 won, while SamyangFoods dropped 26.0% from 1,557,000 won on August 28 to 1,152,000 won. SamyangFoods, in particular, fell 5.57% on that single day, marking the largest decline among the blue-chip stocks. However, compared to their closing prices on June 22—when the KOSPI hit its peak—the two stocks are up 16.6% and 7.7%, respectively, showing resilience amid the market downturn.
Analysts in the securities industry suggest that the sharp decline in large-cap stocks is excessive relative to their fundamentals. Lee Jae-won, an analyst at Yuanta Securities Korea, assessed, “This sharp decline is closer to a panic sell-off that anticipates the worst-case scenario rather than the actual end of the AI investment cycle.”