Black Monday: Kospi plunges 8.95%, closes below 7,000

Korea’s benchmark index plunged 8.95 percent Monday, triggering both a sidecar and a circuit breaker, as Samsung Electronics and SK hynix led the rout.

News Team
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The Kospi is displayed on a screen in the trading room at Hana Bank in central Seoul on July 13.

The Kospi slipped below the 7,000-point threshold since May 6 to close at 6,806.93, down 669.01 points, or 8.95 percent, from the previous session, on Monday. 

The index opened at 7,412.03, down 63.91 points, or 0.85 percent, according to Korea Exchange. It briefly turned positive during the session before reversing course and extending its losses.

The sharp sell-off triggered a temporary trading curb known locally as a sidecar on the sell-side at 10:34 a.m. A sidecar halts program trading when certain market indexes fluctuate beyond a designated threshold.

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The temporary trading curb was shortly followed by a circuit breaker at 1:28 p.m., which halted all trading for 20 minutes.

The benchmark index was dragged lower due to steep losses by the country's two largest chipmakers. SK hynix plunged 15.37 percent to close at 1.85 million won ($1,230), while Samsung Electronics fell 10.70 percent to 254,500 won.

The tech-heavy Kosdaq index opened 2.29 points, or 0.27 percent, higher at 839.72.

It closed at 799.36, 38.07 points, or 4.55 percent, lower than the previous session, slipping below the 800-point mark.

BY JANG GU-SEUL [[email protected]]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.


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