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KOSPI sees biggest drop on record Monday over U.S. recession fears

'최악의 하루' 코스피 8% 폭락 마감… 역대 최대 낙폭, 서킷브레이커 발동 The local stock markets plunged further on Monday spurred by higher U.S. unemployment rate numbers. The KOSPI saw its biggest drop on record, prompting a trading curb. Our Moon Hye-ryeon has the details. A "Black Monday" for South Korea’s stock market saw shares falling for a second straight session on Monday as weak U.S. employment data heightened fears of a recession ahead. According to the Korea Exchange on Monday, the country’s benchmark KOSPI closed at 2-thousand-441-point-5-5 – down 8-point-7-7 percent compared to the previous trading day’s close. This is the biggest drop on record, with panic selling seeing it dip below the 2-thousand-500 mark throughout the day. A sidecar trading curb was activated for five minutes at 11:00 AM for the first time since 2020 as the KOSPI Futures 200 dropped by more than five percent. The sidecar limit is used to mitigate volatility in stock markets and comes into play when the KOSPI 200 Futures drops by more than five percent for longer than a minute. Not long after, a circuit-breaker kicked in for the market to shut down trading temporarily for twenty minutes at 2:14 PM as it fell by more than eight percent. Meanwhile, the tech-heavy Kosdaq closed at 691-point-2-8, slumping by 11-point-3 percent. The Korea Exchange also reported that the sidecar for the Kosdaq was activated at 01:05 PM, before a circuit-breaker was triggered for the market not long after at 1:56 PM. It’s the first time since March 2020 that the circuit-breaker came into play for both the KOSPI and Kosdaq. This comes as recent data showed that the U.S. unemployment rate reached a near three-year high in July, stoking fears of a slowdown in the world’s largest economy. As a result, investors are dumping stocks and turning to safe-haven bonds. In response to these latest developments, the finance minister commented that geopolitical uncertainties in the Middle East and concerns over a slowdown in the U.S. economy are contributing to global market volatility. He instructed the relevant authorities to maintain an around-the-clock monitoring system and work closely with related agencies in accordance with contingency plans, if necessary. Moon Hye-ryeon, Arirang News. #SouthKorea #Stock #Market #KOSPI #Kosdaq #Black_Monday #주식 #증시 #증권 #코스피 #코스닥 #서킷브레이커 #Arirang_News #아리랑뉴스 📣 Facebook :   / arirangtvnews   📣 Twitter :   / arirangtvnews   📣 Homepage : https://v2.arirang.com/ 2024-08-05, 18:00 (KST)