KOSPI Slides Over 4% Intraday as Sell Sidecar Triggers on Futures Drop

On the afternoon of May 15, South Korea’s main stock market triggered a sell sidecar after the KOSPI slid more than 4% intraday. The move came as the KOSPI 200 futures index plunged more than 5%, temporarily suspending the effect of program sell orders. Individual investors net bought about 4 trillion won, but selling by foreign and institutional investors dragged the index lower. Major semiconductor stocks Samsung Electronics and SK Hynix also fell in the 6% range during trading, adding to market volatility. The sharp futures decline and weakness in large-cap stocks weighed quickly on investor sentiment. Source: mk.co.kr