KRX activates sidecar and circuit breaker for KOSPI during sharp technology-led selloff

Foreign sell-off in chip stocks drags KOSPI down 10%

Korean stocks suffered a steep decline Tuesday as foreign investors offloaded shares across the board, dragging the benchmark KOSPI down by nearly 10 percent and triggering market stabilization measures. The KOSPI, which closed at a record high of 9,114.55 in the previous session, opened at 9,083.54, down 31.01 points, or 0.34 percent. After briefly moving into positive territory, the index reversed course and extended its losses throughout the session, finishing at 8,203.84, down 910.71 points, or 9.99 percent. The sell-off hit heavyweight chipmakers particularly hard, with Samsung Electronics and SK hynix, the market's two largest stocks, sliding 12.31 percent and 12.47 percent, respectively. As the downturn intensified, the Korea Exchange activated a circuit breaker on the main board at around 2:33 p.m., halting trading for 20 minutes. The measure was triggered after the KOSPI remained more than 8 percent below the previous day's closing level for at least one minute. Earlier, a sell-side sidecar was already imposed at around 11:40 a.m. following sharp declines in KOSPI 200 futures, t

7 hours ago

Bourse operator issues circuit breaker for KOSPI on sharp fall

South Korea's bourse operator on Tuesday activated a circuit breaker for the benchmark Korea Composite Stock Price Index (KOSPI) as stocks crashed due to a slump in tech heavyweights. Trading of KOSPI-listed shares was halted for 20 minutes. The Korea Exchange (KRX) triggered the measure at around 2:33 p.m. after the KOSPI plummeted more than 8 percent from the previous session's close. The benchmark index came under heavy selling pressure as foreign investors dumped large-cap technology stocks on profit-taking, tracking an overnight slump in U.S. tech shares. It marked the fourth time this year that the KRX has activated a circuit breaker.

9 hours ago

KRX activates sell-side sidecar for KOSPI on sharp fall

South Korea's bourse operator on Tuesday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index slid sharply. Program trading for the KOSPI was suspended for five minutes around 11:40 a.m., according to the Korea Exchange (KRX). The KOSPI sharply lost ground as investors dumped big-cap technology shares, tracking an overnight slump in U.S. techs. The KOSPI shed 340.22 points, or 3.73 percent, to 8,774.33 as of 11:54 a.m. A sell-side sidecar is triggered when the KOSPI 200 Futures index decreases 5 percent or more for at least one minute.

11 hours ago