KRX activates sell-side sidecar for KOSPI on sharp decline
Dealers work at a dealing room in Hana Bank in Seoul, Thursday. Yonhap
By Yonhap
Korea's bourse operator on Tuesday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) after the index fell sharply, led by losses in tech heavyweights.
Program trading in KOSPI-listed shares was suspended for five minutes around 9:06 a.m., according to the Korea Exchange (KRX).
The KOSPI fell by more than 5.69 percent as of 9:08 a.m.
The decline came as investors sold off semiconductor shares amid rising fears over excessive artificial intelligence (AI) investment.
A sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute.