KOSPI and KOSDAQ Plunge in Early Trading... Sell-Sidecar Triggered
The KOSPI dropped sharply by over 6% in early trading on the 28th, triggering a sell-side sidecar.
On the 28th, the KOSPI and KOSDAQ indices are displayed on the electronic board in the dealing room of Hana Bank's headquarters in Jung-gu, Seoul. Photo by Yonhap News
View original imageThe KOSPI opened trading at 6,400.27, down 355.48 points (5.26%) from the previous session. As of 9:18 a.m., the KOSPI was trading at 6,296.37, a decrease of 6.79%.
According to the Korea Exchange, at 9:06:02 a.m., trading in program sell orders in the main board (KOSPI market) was halted for five minutes due to fluctuations in the KOSPI200 futures index. At the time the sidecar was triggered, the KOSPI200 futures index stood at 1,001.54, down 68.80 points (6.42%) from the previous day’s closing price. The sell-side sidecar in the KOSPI market is triggered when the KOSPI200 futures index falls by more than 5% and maintains that drop for at least one minute.
Individual investors were net buyers of 837.2 billion won, while foreign investors and institutions were net sellers of 679.6 billion won and 169.3 billion won, respectively.
By sector, declines were seen in electrical and electronics (9.04%), manufacturing (7.71%), medical and precision equipment (7.17%), construction (6.43%), and telecommunications (6.25%).
Among the largest market-cap stocks, Samsung Electronics (-8.37%), SK hynix (-10.13%), Samsung Electronics Preferred (-8.12%), SK Square (-9.31%), and Samsung Electro-Mechanics (-11.17%) all declined.
At the same time, the KOSDAQ was trading at 730.70, down 4.47%. A sell-side sidecar was also triggered on the KOSDAQ at 9:14:47 a.m. that day.
Individual and foreign investors were net buyers of 21.2 billion won and 1.4 billion won, respectively, while institutions were net sellers of 22.4 billion won.
By sector, machinery and equipment (8.34%), electrical and electronics (6.27%), non-metallic materials (5.93%), manufacturing (5.58%), and chemicals (4.59%) all saw declines.
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Among the top market-cap stocks, Alteogen (-1.92%), Ecopro (-5.71%), Ecopro BM (-5.52%), Rainbow Robotics (-8.63%), and Jusung Engineering (-11.44%) all dropped.
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