On the 8th, following a circuit breaker that temporarily halted all trading on the KOSPI market, a sell-sidecar that temporarily suspends the effectiveness of program sell quotes was triggered.
On the stock market that day, around 9:34 a.m., a sidecar that temporarily suspends program sell quotes was triggered.
A sell-sidecar is a measure that suspends the effectiveness of program sell quotes for five minutes if a drop of 5% or more in futures prices continues for one minute.
As soon as the level-1 circuit breaker, triggered around 9:03 a.m., was lifted, the sell-sidecar was activated.
A level-1 circuit breaker halts trading for the next 20 minutes if the index stays down 8% or more from the previous day's close for one minute.
At 10:10 a.m. that day, the KOSPI index was trading at 7,635.34, down 525.25 points (6.44%) from the previous session. In early trading, it plunged more than 8% from the previous session and fell to the 7,400 level before the losses narrowed somewhat.