Korea’s KOSPI opens and crashes nearly 8%, triggering the “sidecar trading” mechanism twice

The South Korean stock market saw a sharp drop on July 28, with the Korea Composite Stock Price Index (KOSPI) at 6,261.21, down 7.32% from the previous trading day; the Korea Securities Dealers Automated Quotations (KOSDAQ) fell 44.72 points to 720.14. Under the seller-side ride-hailing trading (SIDECAR) mechanism, it was triggered on both KOSPI and KOSDAQ in the morning, and automated sell orders were each temporarily halted for five minutes.

Timing explanation for SIDECAR trigger on KOSPI and KOSDAQ

Based on intraday data for July 28, 2026, KOSPI opened at 6,400.27 points, down 5.26%. By 9:38, it had fallen further to 6,261.21 points (-7.32%).

The SIDECAR (seller-side ride-hailing trading) trigger conditions and today’s timing are as follows: KOSPI was triggered at 9:06 a.m. (the 22nd time this year). At the time of the trigger, KOSPI 200 futures were at 1,001.54 points (-68.8 points, -6.42%); KOSDAQ was triggered at 9:14 a.m. (the 12th time this year). At the time of the trigger, KOSDAQ 150 futures were at 1,230.20 points (-79.6 points, -6.07%), and the KOSDAQ 150 index was at 1,224.31 points (-77.05 points, -5.92%).

Major selloff hits Korean securities stocks: Future Asset -8.50%, Kiwoom -8.17%

According to intraday data at 9:38 a.m. on July 28, 2026, the biggest declines among major Korean securities stocks were as follows:

Future Asset Securities (006800): 33,900 won, down 3,150 won (-8.50%)

Kiwoom Securities (039490): -8.17%

SK Securities (001510): -6.50%

Hyundai Motor Securities (001500): -4.39%

Regarding external trigger factors, the Philadelphia Semiconductor Index continued its recent selling trend, down 2.2%, mainly because investors still doubt the tech giants’ large investments in the AI sector; the Nasdaq index fell 0.18% overnight.

FAQ

What was the latest decline in the Korea KOSPI index on July 28?

Based on data as of 9:38 a.m. on July 28, 2026, the KOSPI was at 6,261.21 points, down 494.54 points (-7.32%) from the previous trading day; KOSDAQ fell 44.72 points (-5.85%) to 720.14 points.

How many times did the SIDECAR sidecar mechanism trigger today?

According to Korea Exchange data, SIDECAR triggered on KOSPI at 9:06 a.m. (the 22nd time this year) and on KOSDAQ at 9:14 a.m. (the 12th time this year); after each trigger, automated sell order trading was halted for five minutes.

What is the main external background behind this drop in the Korean stock market?

According to reports, the main external background is that the U.S. Philadelphia Semiconductor Index fell 2.2% and the Nasdaq index fell 0.18% overnight, with investors still skeptical about the long-term returns of AI investments by tech giants.