Tech rout triggers trading halt for KOSPI stocks for 20 minutes
Korea's bourse operator on Thursday activated a circuit breaker for the benchmark Korea Composite Stock Price Index (KOSPI) on an extended sell-off in tech shares. Trading of KOSPI-listed shares was halted for 20 minutes from 12:38 p.m., as the index plunged more than 8 percent from the previous session's close. The benchmark index came under heavy selling pressure as investors sold off…
South Korea's bourse operator activated a circuit breaker for the benchmark KOSPI on Thursday following an extended sell-off in technology shares. Trading for KOSPI-listed shares was halted for 20 minutes starting at 12:38 p.m. The Korea Times reported the index plunged more than 8 percent from the previous session's close, marking the ninth time this year the KRX has activated a circuit breaker. Investing.com reported the index plunged 7.2%, while the Winnipeg Free Press stated the index sank more than 7%.
The downturn was driven by heavy selling pressure on semiconductor shares due to skepticism regarding the sustainability of the artificial intelligence trade, concerns over Chinese competition, and hotter-than-expected inflation data in the United States. Investing.com noted that the U.S. inflation data raised expectations for further Federal Reserve rate hikes. South Korean memory-chip makers saw significant losses, with SK Hynix plunging 11.2% and Samsung Electronics falling 9.4%, according to Investing.com.
Brief written by urgent.news from The Korea Times, Investing.com, Winnipeg Free Press — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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