Anchor: The benchmark Korea Composite Stock Price Index sank more than two-point-eight percent, barely treading water at the four-thousand level. But the main bourse significantly narrowed its losses after program sell orders were briefly halted.
Yoo Si-hyung has this report. 

Report: Seoul shares tumbled more than two-point-eight percent on Wednesday, following an overnight slump in U.S. tech stocks and heavy profit-taking by investors.

The benchmark Korea Composite Stock Price Index lost 117-point-32 points, or two-point-85 percent, to close at four-thousand-four-point-42—recovering after having dropped more than six percent in intraday trading.

The sharp decline came just seven trading days after the main bourse surpassed the four-thousand mark for the first time.

Amid the sharp drop, the Korea Exchange activated its sidecar mechanism for five minutes, starting at 9:46 a.m., after the KOSPI 200 Futures Index plunged five-point-two percent.

A sidecar is activated when KOSPI 200 futures rise or fall by at least five percent from the previous session’s close and hold that move for one minute.

This marked the first time a sell-sidecar has been activated on the KOSPI since April 7.

A five-minute halt was activated on the secondary market as well after the tech-heavy KOSDAQ 150 Futures Index dipped more than six percent from the previous day.

The KOSDAQ closed down two-point-66 percent at 901-point-89.
Yoo Si-hyung, KBS World Radio News.