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Having enjoyed a remarkable surge that drew the rapt attention of the global capital market, the South Korean stock market was put to a severe test. On Friday morning, during intraday trading, the Korea Composite Stock Price Index (KOSPI) took a sharp nosedive, temporarily plummeting by 6.4%. This represented one of the steepest single-day declines seen this year, although the index managed to pare some of its losses later. Stocks of Samsung Electronics and SK Hynix, the two memory chip behemoths that form the backbone of the index, both nosedived by over 7%, setting off a wave of panic selling across the market. Faced with a surge in selling pressure on stock index futures, the Korea Exchange triggered its programmed trading suspension mechanism in an effort to stabilize the market.
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