Key facts
- A sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute.
- The KOSPI plunged 4.68 percent to 5,661.7 on Friday.
- Alphabet, Google's parent company, fell more than 12 percent overnight after missing third-quarter revenue expectations.
South Korea's bourse operator, the Korea Exchange (KRX), activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) on Friday as the index plunged. Program trading for KOSPI-listed shares was suspended for five minutes at 10:04 a.m. The KOSPI fell 277.75 points, or 4.68 percent, to 5,661.7 as of 10:06 a.m. The index came under downward pressure following overnight losses on Wall Street, as renewed concerns over the sustainability of the artificial intelligence (AI) boom weighed on investor sentiment. Overnight, Wall Street shares retreated, with Google parent Alphabet plunging more than 12 percent after its third-quarter revenue missed market expectations. A sell-side sidecar is triggered when the KOSPI 200 Futures Index falls 5 percent or more for at least one minute.