South Korea's stock markets fall sharply (Kospi -5.98%, Kosdaq -6.12%), prompting emergency government meeting.
Macro & Markets ·
South Korea's stock indices dropped sharply for a second consecutive day, with the KOSPI falling 5.98% to 5,663.24 and the KOSDAQ declining 6.12% to 662.68, triggering temporary suspensions of program sell orders on both exchanges. Deputy Prime Minister Koo Yun-cheol will chair an emergency review meeting that evening, attended by the heads of the Bank of Korea, Financial Services Commission, and Financial Supervisory Service. The activation of circuit breakers on back-to-back trading days marked an unprecedented occurrence on the main board, with the KOSDAQ having last experienced consecutive-day circuit breaker triggers during the 2008 financial crisis and 2011 U.S. credit downgrade period.