KOSPI Plunges, Triggering 'Sell-Sidecar' as Index Falls Over 5% to 7,500 Level

▲ Employees work at the dealing room of the Hana Bank headquarters in Jung-gu, Seoul, on the 7th.

The KOSPI experienced a sharp decline during morning trading today (July 7), triggering a temporary suspension of program sell orders, known as a sidecar.

According to the Korea Exchange, the sidecar was activated at 10:23:41 a.m. today due to volatility in the KOSPI 200 futures index, halting program sell orders in the KOSPI market for five minutes.

At the time of activation, the KOSPI 200 futures index stood at 1,227.32, down 66.26 points (5.12%) from the previous day's closing price.

A sell-sidecar in the KOSPI market is triggered when the KOSPI 200 futures index falls by 5% or more and maintains that level for one minute.

As of 10:29 a.m., the KOSPI index remains in a sharp decline of over 5%, having fallen below the 8,000 mark to trade at 7,597.93.

(Photo: Yonhap News)

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