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Korea Stock Market News: KOSPI, KOSDAQ Halted Together For First Time Since July As FSC Steps In
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
South Korea’s Financial Services Commission held an emergency meeting on Thursday and said it is ready to activate contingency plans after the KOSPI closed down 7.57%. SK Hynix fell 11.06% and Samsung Electronics lost 9.48%. FSC Commissioner Lee Won-geon chaired the 2:30 p.m. session. The regulator said the pace of the decline looked excessive and pledged strict action against false rumours, market manipulation and illegal short selling. The KOSDAQ hit a Level 1 circuit breaker at 12:23 p.m., and the KOSPI followed at 12:38 p.m. after dropping 8% to 5,528.05. It was the first time both indices were halted on the same day since July 29. Foreign investors sold a net KRW 2.9 trillion, extending their selling streak to eight sessions.
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