South Korea's bourse operator activated a sell-side sidecar for the KOSPI index on Tuesday after it fell sharply. The move suspended program trading for five minutes.
Korea's bourse operator activated the measure around 9:06 a.m. on July 28 after the KOSPI 200 Futures Index fell 5 percent or more for at least one minute. The KOSPI dropped more than 5.69 percent by 9:08 a.m., driven by losses in semiconductor shares amid concerns over excessive artificial intelligence investment.
The Korea Exchange said program trading in KOSPI-listed shares was halted for five minutes. A sell-side sidecar is triggered automatically under these conditions to stabilize the market.
The decline followed selling in tech heavyweights. No further details on the index recovery were provided in the reports.
