KOSPI hit by sell-side circuit breaker as Samsung Electronics and SK hynix plunge

[Financial News] A sell-side circuit breaker was triggered on the KOSPI (Korea Composite Stock Price Index) as Samsung Electronics and SK hynix tumbled. It was the 18th KOSPI sell-side circuit breaker this year.
The Korea Exchange activated a suspension of program sell orders on the Korea Exchange Main Board at around 10:34 a.m. on the 13th.
At the time, the KOSPI 200 Index Futures stood at 1,142.16, down 63.14 points, or 5.23%, from the previous trading day.
A sell-side circuit breaker on the Korea Exchange Main Board is triggered when the KOSPI 200 Index Futures falls more than 5% from the reference price for one minute.
The day's decline is being led by large-cap semiconductor stocks. Samsung Electronics is trading at 267,000 won, down 6.32% from the previous session, while SK hynix is trading at 1,962,000 won, down 10%.
Kang Jin-hyuk, a researcher at Shinhan Investment Corp., explained, "Risk-off sentiment was affected by Iran's attacks on merchant ships in the Strait of Hormuz over the weekend and U.S. airstrikes on Iran," adding, "Reports suggesting that SK hynix's second-quarter earnings will fall short of consensus, despite the strong reception for its ADR, also fueled selling pressure."
koreanbae@fnnews.com Bae Han-geul Reporter