This photo, taken Thursday, shows the trading room of Hana Bank in Seoul as South Korean stocks plunged by almost eight percent on a sharp sell-off in semiconductor shares. Photo by Yonhap
South Korean stocks dipped nearly 8 percent Thursday, dragged down by a sharp sell-off in semiconductor shares as investor sentiment soured amid renewed concerns over excess capacity. The Korean won weakened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) plunged 655.32 points, or 7.89 percent, to close at 7,648.09. after falling as low as 7,616.33.
Due to the sharp drop, the bourse operator Korea Exchange (KRX) activated a sell-side sidecar for the KOSPI around 9:07 a.m., halting program trading for five minutes.
A sell-side sidecar is triggered when the KOSPI 200 Futures index decreases 5 percent or more for at least one minute.
