PiCK
Kospi Drops 6% to 5,663.24, Extending Two-Day Rout
Forecast Trend Report by Period
The Kospi plunged for a second straight day, closing below the 6,000 level. The selloff in South Korean equities triggered circuit breakers for a second consecutive session, the first such occurrence on record.
The benchmark Kospi ended at 5,663.24, down 360.42 points, or 5.98%, from the previous session.
The index opened at 6,089.11, up 65.45 points, or 1.09%, and climbed as high as 6,228.52, a gain of 3.40%, in early trading. It later gave up those gains, turned negative and at one point slumped to 5,262.77, down 12.63%.
The Kosdaq closed at 662.68, down 43.17 points, or 6.12%, from the previous day.
Circuit breakers were triggered in both the Kospi and Kosdaq markets. The Korea Exchange activates a first-stage circuit breaker when either index remains down 8% or more from the previous day's close for one minute.
It was the first time circuit breakers had been triggered for two consecutive days in both the Kospi and Kosdaq markets.
