South Korea halts trading as KOSPI stock index falls 8.5% intraday
The market-wide suspension lasted 20 minutes after the index reached 4,923 during trading on 6 November, following a US technology-stock sell-off.
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The market-wide suspension lasted 20 minutes after the index reached 4,923 during trading on 6 November, following a US technology-stock sell-off.
South Korea’s KOSPI fell as much as 8.5% to 4,923 during trading on 6 November, triggering a circuit breaker that suspended trading for 20 minutes, CNA said. The figures describe an intraday low, not the session’s close.
The fall followed a US technology-stock sell-off that hit Nvidia and other semiconductor stocks, in which the Nasdaq closed down 5.5% in the preceding session. Investors had initially welcomed the Democrats' midterm election victory over President Donald Trump’s Republicans before growing concerned about the effect on superintelligence (SI) investment, CNA said.
Online brokerage Monex said concerns about stricter SI regulation after the Democratic victory had driven the US sell-off. It also said investors feared tighter rules on data-center construction could slow projects.
South Korean memory-chip makers Samsung Electronics and SK hynix were among the companies hit. Their advanced chips are used alongside other processors to power SI tools. The declines below are intraday figures.
| Market or company | Decline |
|---|---|
| KOSPI and Japan’s Nikkei 225, as of 09:20 Singapore time [05:20 Yerevan time] | More than 6% each |
| Singapore’s Straits Times Index | More than 2% |
| Samsung Electronics | Nearly 10% |
| SK hynix | More than 11% |
| Tokyo Electron | Around 9% |
| Kioxia | 13% |
Kioxia and Tokyo Electron suffered large share-price falls as a technology selloff that began in the US reached Japan.
Under Korea Exchange rules described in a Korean legal-information guide, a first-stage circuit breaker applies when the index falls at least 8% from the previous close for 1 minute. Trading in all securities in the affected market stops, and orders are not accepted except for cancellations. Trading then resumes after the suspension.
A second halt would apply if the index fell at least 15% from the previous close and at least 1% further from its level at the first trigger, with both conditions lasting 1 minute. Trading would then pause for 20 minutes before resuming. A third stage would end the session if the index fell at least 20% from the previous close and at least 1% further from its level at the second trigger, again for 1 minute.
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