'Black Tuesday': KOSPI Plunges Over 8% Intraday, Circuit Breaker Triggered

On the 28th, the KOSPI plummeted by more than 8%, triggering a circuit breaker that halted trading for 20 minutes.

On the 28th, the KOSPI index opened sharply lower, affected by the steep decline in U.S. semiconductor stocks the previous day. The exchange rate, KOSPI, and KOSDAQ indices are displayed on the status board in the dealing room at the Hana Bank headquarters in Jung-gu, Seoul. Photo by Dongjoo Yoon

According to the Korea Exchange, a circuit breaker was triggered on the KOSPI market at 10:13:43 a.m. on this day, suspending trading for 20 minutes. At the time of the suspension, the index stood at 6,213.51, down 542.24 points (8.02%) from the previous day.

Earlier, at around 9:06 a.m. on the KOSPI, a temporary halt to sell program orders (a sell-sidecar) was triggered. The KOSPI sell-sidecar is activated when the KOSPI 200 futures index falls by 5% or more and sustains that drop for one minute.

On the KOSDAQ, a sell-sidecar was also triggered at 9:14:47 a.m. due to fluctuations in the KOSDAQ 150 futures and spot indices. The KOSDAQ sidecar is activated when the KOSDAQ 150 futures price drops by 6% or more from the reference price and the KOSDAQ 150 index falls by 3% or more from the previous trading day's closing figure, with both conditions persisting simultaneously for one minute.

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