South Korea’s Kospi falls 8%; trading halts triggered on Kospi and Kosdaq — Korea Herald

In South Korea, the benchmark Kospi stock index fell 8.13% on October 15, to 5,515.76 points as of 13:17. A sell-off in technology stocks triggered trading suspension mechanisms on the Kospi and Kosdaq markets, Korea Herald reports.

Trading halt on Kospi

The Kospi index opened down 5.59% and continued to decline during the session. At 9:07, a sell-sidecar was triggered, a mechanism that temporarily suspended sell orders in program trading linked to index futures. At 12:38, a circuit breaker was activated on the market, halting trading for 20 minutes.

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Chipmakers recorded the biggest losses. SK hynix shares fell 11.35%, to 1.26 million won, or $933, while Samsung Electronics shares declined 10.13%, to 208,500 won. SK hynix’s market capitalization fell below the 1,000 trillion won mark to 929.18 trillion won.

Decline in technology companies

Samsung Electro-Mechanics shares fell 16.81%, to 1.15 million won, while SK Square lost 10.45% and traded at 763,000 won. The technology-focused Kosdaq market also dropped sharply: a sell-sidecar was triggered there at 9:12, and a circuit breaker at 12:23. This was the first time since July 29 that trading suspension mechanisms on Kospi and Kosdaq were activated on the same day.