KRX activates sell-side sidecar for KOSPI on sharp fall
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The benchmark KOSPI and Kosdaq indices are displayed at a dealing room of Hana Bank in Seoul, Friday. Yonhap
Korea’s bourse operator on Friday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the stock index plunged.
Program trading for the KOSPI-listed shares was suspended for five minutes at 10:04 a.m., according to the Korea Exchange (KRX).
After opening 2.99 percent lower, the KOSPI fell 277.75 points, or 4.68 percent, to 5,661.7 as of 10:06 a.m.
The index came under downward pressure following overnight losses on Wall Street, as renewed concerns over the sustainability of the artificial intelligence (AI) boom weighed on investor sentiment.
Overnight, Wall Street shares retreated, with Google parent Alphabet plunging more than 12 percent after its third-quarter revenue missed market expectations.
A sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute.
