KOSPI Plunges More Than 4% Intraday... 'Sell-Sidecar' Triggered for First Time in Two Months
The KOSPI plunged in early trading on Oct. 13, triggering a temporary halt on program sell orders, known as a sell-sidecar.
According to the Korea Exchange, at 9:47:58 a.m. that day, program sell orders in the securities market were suspended for five minutes due to movements in the KOSPI 200 futures index. At the time the sidecar was triggered, the index stood at 955.02, down 51.20 points (5.08%) from the previous trading day's close.
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A sell-sidecar in the securities market is triggered when the KOSPI 200 futures index falls by at least 5% and stays at that level for one minute. This was the first time a sidecar had been triggered in the KOSPI market since Aug. 20, and the first time a sell-sidecar had been triggered since Aug. 19.
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