The benchmark Korea Composite Stock Price Index(KOSPI) closed below the five-thousand mark on Monday after slipping more than five percent. 

The KOSPI shed 274-point-69 points, or five-point-26 percent, on Monday to close at four-thousand-949-point-67.

It was the index’s first dip below the five-thousand mark since it closed above the milestone for the first time ever on Tuesday last week. 

The index opened down 101-point-74 points, or one-point-95 percent, from the previous trading session at five-thousand-122-point-62. 

The KOSPI fell sharply shortly after 10 a.m., dropping as low as four-thousand-933-point-58 at one point. 

In response, the Korea Exchange activated its sidecar mechanism at 12:31 p.m., calling a halt to trading for five minutes. 

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.

The tech-heavy KOSDAQ also lost 51-point-80 points, or four-point-44 percent, to close at one-thousand-98-point-36.