Seoul: The South Korean stock exchange activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) for a second consecutive session, following its sharp decline driven by global markets, escalating inflation, and geopolitical concerns.
According to Qatar News Agency, the KOSPI fell sharply as investors tracked declines on Wall Street last week amid rising woes over inflation caused by the deadlocked situation in the Middle East.
Opening at 0.67 percent lower, the KOSPI fell as low as 7,142.71 at one point, or more than 5 percent. Tech stocks and other major market heavyweights suffered declines as investors cashed out following record-breaking rallies.
On Friday, the key stock index plunged by more than 6 percent after topping the unprecedented 8,000-point level.