South Korea’s benchmark KOSPI briefly dropped below the 7,000 level during trading, triggering the market’s seventh circuit breaker of the year, according to a report cited by Odaily. The move marked the first time in nearly two months that the index fell below 7,000 in intraday trading, with the last such breach dating back to May 4.
The report said renewed geopolitical tensions between the U.S. and Iran drove heavy selling by foreign and institutional investors. Foreign investors were net sellers of 2.23 trillion won, while institutions sold about 570 billion won. Retail investors moved the other way, posting net purchases of nearly 2.7 trillion won. Within the institutional category, the National Pension Service recorded net buying of about 220 billion won.
Volatility in the South Korean stock market has been intense in recent sessions. In morning trading, sell-side pressure triggered the 18th suspension of program trading, known locally as a sidecar, this year. A circuit breaker was then activated in the afternoon. So far this year, the market has seen 17 buy-side sidecar triggers and 18 sell-side triggers, for a total of 35.
KOSPI slips below 7,000 in intraday trade
South Korea’s benchmark Korea Composite Stock Price Index, or KOSPI, briefly fell below 7,000 during trading and triggered the market’s seventh circuit breaker of the year, according to a report cited by Odaily. It was the first intraday break below 7,000 since May 4, ending a nearly two-month stretch above that level.
Foreign and institutional investors lead selling
The report said renewed geopolitical tensions between the U.S. and Iran pushed foreign and institutional investors to sell heavily, sending the index sharply lower. Data showed foreign investors were net sellers of 2.23 trillion won, while institutional investors posted net sales of about 570 billion won. Retail investors were net buyers of nearly 2.7 trillion won.
Among institutions, the National Pension Service was a net buyer of about 220 billion won.
Sidecar mechanism triggered 35 times this year
South Korea’s stock market has seen sharp swings recently, with both rapid gains and steep declines. During morning trade, sell-side activity triggered the year’s 18th suspension of program trading, known as a sidecar. A circuit breaker was later activated in the afternoon.
So far this year, the market has recorded 17 buy-side sidecar triggers and 18 sell-side triggers, bringing the total to 35.
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