South Korea’s KOSPI Falls 7.57% as Financial Regulator Reviews Risks

South Korea’s benchmark Korea Composite Stock Price Index (KOSPI) fell 7.57% Thursday, prompting the Financial Services Commission (FSC) to convene a market review as officials also addressed breaches at 16 financial firms. The index lost 454.59 points to close at 5,554.22 on Oct. 15. Trading was halted for 20 minutes at 11:38 p.m. ET Wednesday (03:38 UTC Thursday) after the KOSPI crossed the exchange’s first circuit-breaker threshold. FSC Chairman Lee Eog-weon convened Thursday’s meeting with the Financial Supervisory Service, Korea Exchange and market experts. Participants agreed to monitor market conditions and investor flows, prepare contingency plans and respond firmly to manipulation, false rumors and illegal short selling. A separate cybersecurity review on Wednesday confirmed breaches at 16 financial firms and estimated that about 100,000 pieces of customer data were exposed.

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