South Korea's stock market plunged more than 8% during intraday trading, triggering a circuit breaker in the KOSPI market. It was the eighth circuit breaker this year.
According to the Korea Exchange (KRX), a Level 1 circuit breaker was triggered in the stock market at 10:13:43 a.m. on the 28th. The KOSPI fell 542.24 points, or 8.02%, from the previous trading session to 6,213.51. The trigger condition was met as the index remained down more than 8% from the previous day's close for one minute.
As a result, trading of all stocks in the market was suspended for 20 minutes. A circuit breaker is a market stabilization mechanism designed to give investors time to calmly assess market conditions when stock prices plunge.
