Korea's bourse operator on Wednesday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the stock index fell sharp Program trading for the KOSPI-listed shares was suspended for five minutes at 09:06 a.m., according to the Korea Exchange (KRX). After opening 4.96 percent lower, the KOSPI lost 384.82 points, or 5.6 percent, to 6,485.01 as of 09:07 a.m.…
The Korea Exchange (KRX) has activated a sell-side sidecar for the KOSPI index following a sharp decline. The KOSPI index fell 5.6 percent, or 384.82 points, to 6,485.01 within minutes of opening, prompting the suspension of program trading for five minutes. The sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute.
The drop was attributed to investors selling off semiconductor shares, particularly Samsung Electronics and SK hynix, in response to overnight losses on Wall Street. The market reaction was further exacerbated by stalled U.S.-Iran peace talks, which led to increased oil prices and bond yields.
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Asian stock markets witnessed a downturn as semiconductor shares plummeted sharply. The rise in bond yields and escalating oil prices contributed to a bearish market sentiment.
Asian equities decline over 1% amid semiconductor selloff
South Korean shares drop nearly 6%, chip companies down 7%
