KOSPI opens sharply lower after Wall Street chip sell-off, prompting sidecar halt

SEOUL, June 5 (AJP) - South Korean stocks plunged in early trading on Friday, prompting a temporary halt on program sell orders as investors dumped semiconductor shares following an overnight sell-off in U.S. chipmakers.

Just 30 minutes into Friday's trading session, the benchmark KOSPI was down 5.65 percent at 8,151.63, while the junior KOSDAQ shed 3.67 percent to 1,011.25.

According to the Korea Exchange, a sell-side sidecar was activated at 9:08:25 a.m. after a sharp decline in KOSPI 200 futures.

The sharp decline followed heavy losses in U.S. semiconductor stocks overnight, with investors taking profits after a months-long rally in artificial intelligence (AI)-related shares.