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.
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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