突发！韩国，“崩了”！

Market Overview - On August 1, the South Korean stock market experienced a sudden drop, with the Seoul Composite Index falling nearly 4%, marking the largest decline since early April [2] - The decline was attributed to government plans to increase taxes on businesses and investors, leading to cautious sentiment in one of the hottest stock markets globally [2] Tax Policy Changes - The South Korean Ministry of Finance proposed to lower the capital gains tax threshold from 5 billion KRW (approximately 714,250 USD) to 1 billion KRW, while also increasing transaction taxes [4] - The corporate income tax rate is set to rise from 24% to 25%, reversing previous tax reduction policies [4] Investor Sentiment - The proposed tax changes have sparked strong backlash among retail investors, with a nationwide petition for immediate withdrawal gaining traction and public support [5] - Despite the recent downturn, the Seoul Composite Index has risen over 30% this year, benefiting from optimistic sentiment surrounding corporate governance reforms initiated by the new government [5] Economic Context - President Lee Jae-myung, who took office in June, aims to boost government revenue to increase subsidies and stimulate consumption amid slowing economic growth [6] - The proposed tax increases may weaken support from the active retail investor community and raise concerns among foreign institutional investors who had recently regained confidence in the market [6] Market Performance - Samsung Electronics, South Korea's largest market-cap stock, has seen consecutive declines due to disappointing earnings reports that did not meet analyst expectations [6] - The market's focus is shifting towards government policy reforms, with recent tax proposals being perceived as negative news that could undermine investor confidence [8] Future Outlook - If market momentum is lost, achieving President Lee's ambitious goal of pushing the stock market above 5,000 points, which is over 50% higher than current levels, will become more challenging [8] - The proposed increase in stock transaction tax from 0.15% to 0.2% and the new tax rates on dividend income are unexpected negative developments for the market [8]