South Korea's stock exchange triggered a temporary trading halt on Thursday after the benchmark Kospi index slumped more than 5%, as a selloff in technology stocks deepened losses in the market.
The Kospi plunged 478.71 points, or 7.97%, to 5,530.10, extending its losing streak to seven consecutive sessions. This marked its longest losing streak since September 2024.
The exchange activated its sell-side “sidecar” mechanism following a sharp decline in index futures. The mechanism automatically suspends programme sell orders for five minutes to curb excessive volatility and stabilise the market during sudden price swings.
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The selloff followed overnight losses on Wall Street, where higher-than-expected US inflation data fuelled expectations of further interest rate hikes by the US Federal Reserve.
Technology stocks led the decline in South Korea. Samsung Electronics shares slumped 9.70%, while SK Hynix plunged 11.35%. LG Energy Solution fell 5.45%, while Hyundai Motor shares declined 6.38%.
Meanwhile, the South Korean won traded at 1,339.5 per dollar on the onshore settlement platform, strengthening 0.21% from its previous close of 1,342.3.
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