KOSPI Plunges Over 5%, Sell-Sidecar Triggered for 10th Time This Year
KOSDAQ Also Plunges More Than 4%
On the morning of June 5, the KOSPI index fell into the 8,100 range in early trading, triggering a sell-side sidecar (a temporary suspension of program sell orders) for the tenth time this year.
The Korea Exchange announced that as of 9:08 a.m. that day, it had activated a sell-side sidecar on the KOSPI. This marks the 21st sidecar triggered on the KOSPI so far this year, and the tenth time it has been due to sell-side activity.
The KOSPI sell-side sidecar is triggered when the KOSPI futures price drops by more than 5 percent from the previous trading day and remains at that level for more than one minute. Once triggered, the effectiveness of KOSPI program sell orders is temporarily suspended for five minutes.
At the time the sell-side sidecar was triggered, the KOSPI 200 futures stood at 1,309.56, down 71.84 points (5.2 percent) from the previous trading day.
When the sell-side sidecar was triggered, the KOSPI index was at 8,217.58. The decline accelerated thereafter, with the index falling to 8,093.54 by 9:26 a.m.
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The KOSDAQ also plunged, coming close to breaking below the 1,000 mark. As of 9:40 a.m., the KOSDAQ had fallen more than 4 percent from the previous day to 1,005.08.
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