Kospi Slides 6% to 5,663.24, Extending Two-Day Selloff
Summary
- The Kospi plunged for a second straight day, closing at 5,663.24, down 360.42 points, or 5.98%.
- The Kospi and Kosdaq fell sharply together, triggering circuit breakers in both markets.
- Circuit breakers were triggered for two straight days in both the Kospi and Kosdaq markets for the first time.
Forecast Trend Report by Period
The Kospi plunged for a second straight day, closing below the 6,000 level. Circuit breakers were triggered in South Korea’s stock market for a second consecutive session, the first such occurrence on record.
The Kospi ended at 5,663.24, down 360.42 points, or 5.98%, from the previous session.
The benchmark opened at 6,089.11, up 65.45 points, or 1.09%, from the prior close, and climbed as much as 3.40% to 6,228.52 early in the session. It later gave up those gains, turned negative and at one point slumped 12.63% to 5,262.77.
The Kosdaq closed at 662.68, down 43.17 points, or 6.12%, from the previous day.
Circuit breakers were activated in both the Kospi and Kosdaq markets. The Korea Exchange triggers a first-stage circuit breaker when either index falls more than 8% from the previous day’s close and the decline persists for one minute.
It was the first time circuit breakers had been triggered for two straight days in both the Kospi and Kosdaq markets.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul