Following a series of negative announcements regarding the artificial intelligence (AI) industry in U.S. stock markets overnight, and with the U.S. September Consumer Price Index (CPI) exceeding expectations, both major domestic markets plunged from the opening bell, triggering simultaneous sell sidecars (futures market circuit breakers). This marks the first time since July 29 that sell sidecars (futures market circuit breakers) have been triggered simultaneously in the KOSPI and KOSDAQ markets, a span of 51 trading days.
The Korea Exchange activated a temporary suspension of program selling orders in the KOSPI market at 9:07 a.m. on the 15th. This is the 50th sidecar triggered in the KOSPI market this year, and the 27th sell sidecar (futures market circuit breaker).
At the time of the sidecar activation, KOSPI 200 futures were down 49.68 points (5.27%) from the previous day at 892.58. At the same time, the KOSPI index was up 288.07 points (5.24%) from the previous trading session at 5782.85.
At the same time, the KOSPI index was down 273.03 points (4.54%) from the previous trading session at 5735.78.
A temporary suspension of program selling orders was also triggered in the KOSDAQ market at 9:12 a.m. on the same day. This is the 33rd sidecar (futures market circuit breaker) triggered in the KOSDAQ market this year, and the 15th sell sidecar (futures market circuit breaker).
At the time of the sidecar activation, KOSDAQ 150 futures were down 87.90 points (6.25%) from the previous trading session at 1317.20. At the same time, the KOSDAQ 150 cash index was down 91.59 points (6.52%) from the previous trading session at 1312.01.
The sidecar is a market stabilization mechanism that suspends the validity of program trading orders for five minutes. The KOSPI sidecar is triggered when the price of KOSPI 200 futures rises or falls by 5% or more from the previous day's closing price and this state persists for at least one minute. In the KOSDAQ market, the sidecar is triggered when the price of KOSDAQ 150 futures rises or falls by 6% or more from the previous day's closing price and this state persists for at least one minute.
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