KOSPI and KOSDAQ plunge, sell-side sidecars triggered simultaneously

[Financial News] As the domestic stock market continued to tumble, a temporary halt on program sell orders, known as a sidecar, was triggered on both the Korea Composite Stock Price Index (KOSPI) and the Korea Securities Dealers Automated Quotations (KOSDAQ).
According to the Korea Exchange, at around 9:06 a.m. that day, trading of program sell orders was suspended for five minutes on the KOSPI Market due to movements in the KOSPI 200 Index Futures.
At the time the sidecar was activated, the KOSPI 200 Index Futures stood at 807.65 points, down 6.04% from the previous closing price.
This sell-side sidecar on the KOSPI was first triggered on the 6th of last month and has now been activated on two consecutive trading days this month, including the previous day and today.
On the KOSDAQ, program sell orders were also halted for five minutes at around 10:31 a.m. that day. When the sidecar was triggered, the KOSDAQ 150 futures price was 1,889.20, down 6.31% from the previous close, while the KOSDAQ 150 Spot Index had fallen 6.27% to 1,884.13.
It was the first time in four months that a sell-side sidecar had been triggered on the KOSDAQ since November 5 last year.

nodelay@fnnews.com Park Ji-yeon Reporter