KOSPI drops 5% below 8,000 on US tech losses
The benchmark KOSPI is displayed at a deaing room in Hana Bank, Seoul, Thursday. Yonhap
Korea's bourse operator on Thursday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index tumbled on heavy selling in semiconductor shares.
Program trading for the KOSPI-listed shares was suspended for five minutes shortly after the market opened, according to the Korea Exchange (KRX).
After opening 4.46 percent lower, the KOSPI fell 446.8 points, or 5.34 percent, to 7,856.61 as of 9:08 a.m.
The benchmark index came under pressure as investors dumped semiconductor stocks, tracking an overnight selloff in U.S. technology shares.
A sell-side sidecar is triggered when the KOSPI 200 Futures index falls 5 percent or more for at least one minute.