KOSPI breaks below 5,000 intraday… sell-side circuit breaker triggered

Source

Korea Economic Daily

Summary

It said the KOSPI index was trading at 4,993.9, down 4.41% from the previous session.
It said the KOSPI’s decline widened on the back of a drop in U.S. equities, pushing it below the 5,000 level intraday.
It said a sell-side sidecar was triggered as KOSPI 200 futures fell more than 5%.

Forecast Trend Report by Period

The Korea Exchange triggered a sell-side sidecar on the KOSPI market at 12:31:12 p.m. on the 2nd.

As of 12:39 p.m., the KOSPI index was down 230.46 points (4.41%) from the previous session at 4,993.9. After opening at 5,122.62, the KOSPI has been extending its losses intraday on the back of a decline in U.S. equities.

A KOSPI sidecar refers to a measure that suspends the effectiveness of program trading quotes for five minutes when KOSPI 200 futures fall by 5% or more for one minute.

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com