Seoul shares opened sharply lower on July 16 as investors sold technology stocks amid concerns over the Middle East conflict. The KOSPI fell 4.45 percent at the open, prompting the Korea Exchange to activate a sell-side sidecar.
The benchmark Korea Composite Stock Price Index opened at 6,960.50, down 323.91 points or 4.45 percent. By 9:15 a.m. it had fallen further to 6,900.54, a decline of 383.87 points or 5.27 percent.
The Korea Exchange activated a sell-side sidecar at 9:10 a.m., suspending program trading in KOSPI-listed shares for five minutes after the KOSPI 200 Futures Index dropped more than 5 percent.
Samsung Electronics fell 6.98 percent and SK hynix dropped 10.18 percent. Hyundai Motor declined 3.46 percent while Hanwha Aerospace slipped 0.32 percent. In contrast, Hanwha Ocean rose 2.2 percent and HMM gained 1 percent.
The sell-off followed U.S. strikes on Iran the previous day that heightened Middle East tensions and revived worries over regional energy supplies. The Korean won traded at 1,485.75 won per dollar, up 1.25 won from the prior session.
