KOSPI Extends Decline by 3%... KOSDAQ Sell-Sidecar Activated
On the 7th, the KOSPI index showed an intraday decline of over 3%. The KOSDAQ also plunged simultaneously, triggering a temporary suspension of program sell orders (sidecar).
As of 1:27 PM that day, the KOSPI index stood at 2,425.06, down 76.31 points (3.05%) from the previous close. The KOSDAQ index was also trading down 3.22% at 812.45.
The atmosphere from the previous day, when an unprecedented 'bull market' unfolded due to the financial authorities' full ban on short selling, reversed in just one day. Ecopro BM, which hit the daily upper limit the day before, showed a decline of over 10% during the day. Other secondary battery-related stocks such as POSCO Holdings (-11.78%), LG Energy Solution (-9.83%), and Samsung SDI (-9.09%) also plunged simultaneously.
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With the KOSDAQ index also plunging that day, a sell-sidecar was triggered. According to the Korea Exchange, at around 11:48 AM, due to fluctuations in the KOSDAQ150 futures price and the KOSDAQ150 index, the effectiveness of program sell orders was suspended for 5 minutes. At the time of activation, the KOSDAQ150 futures had fallen 90.70 points (6.46%) from the previous closing price, and the KOSDAQ150 index had dropped 42.03 points (3.08%).
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