Due to the "oil shock," the KOSPI index is plunging in the 7% range on the 9th. The slide that began as soon as the market opened has deepened during the morning session, at one point triggering a circuit breaker.
As of 11:06 a.m., the KOSPI index is down 433.58 points (7.76%) from the previous trading day at 5,151.29.
The KOSPI index opened at 5,265.37, down 319.50 points (5.72%) from the previous trading day, but the decline gradually widened during the morning. Then, as the index plunged more than 8%, a circuit breaker that temporarily halts trading was triggered.
The Korea Exchange (KRX) said it would halt trading on the main board for 20 minutes starting at 10:31:52 a.m. A circuit breaker is triggered when an 8% or greater drop from the previous closing level persists for 1 minute. It is the first circuit breaker on the main board in three trading days.
Earlier in the morning session, sell-sidecars (temporary suspension of program sell quotes) were also triggered on both the KOSPI and KOSDAQ markets.
Foreigners and institutions are dragging down the main board. While foreigners are net sellers of 2 trillion won and institutions more than 1.2 trillion won, individuals alone are net buyers of 3.2 trillion won.
All top market-cap stocks on the main board are flashing blue. SK hynix is plunging in the 10% range, and Hyundai Motor and SK Square are also down in the 9% range. Samsung Electronics is also falling more than 8%.
At the same time, the KOSDAQ index is at 1,078.26, down 76.41 points (6.62%) from the previous trading day.
Foreigners are leading the decline on the KOSDAQ market. While individuals are net buyers of 289.8 billion won and institutions 72.0 billion won, foreigners are net sellers of 337.2 billion won.
Top market-cap stocks on the KOSDAQ are also falling. EcoPro, Alteogen, EcoPro BM, Sam Chun Dang Pharm, Rainbow Robotics, ABL Bio, LEENO Industrial, Kolon TissueGene, and LigaChem Biosciences are all declining, while Peptron alone is rising in the 10% range.
It is seen as the impact of international oil prices breaking above $100 per barrel overnight on expectations that tensions between the United States and Iran will be prolonged. On the 8th (local time), Brent, the global benchmark, rose 16.19% to $107.70 per barrel, and West Texas Intermediate (WTI) rose 18.98% to $108.15. It is the first time in four years since 2022, when Russia invaded Ukraine, that international oil prices have broken above $100 per barrel.