SEOUL, June 5 (Xinhua) -- South Korean stocks dropped over 6 percent on Friday, triggering a sell-side sidecar by a sharp sell-off in technology shares and investor concerns over uncertainty surrounding a potential U.S.-Iran peace deal.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 449.16 points, or 5.2 percent, to 8,190.25 as of 9:15 a.m. local time after opening 3.66 percent lower. The index at one point dropped more than 6 percent.
The Korea Exchange activated a sell-side sidecar on the KOSPI market at around 9:08 a.m., suspending program trading for five minutes after the KOSPI 200 Futures index fell more than 5 percent for at least one minute.
Large-cap stocks led the decline. Market bellwether Samsung Electronics shed 6.69 percent, while chipmaker SK hynix plunged 8.83 percent.
The local currency was trading at 1,535.15 won against the U.S. dollar as of 9:15 a.m., down 5.45 won from the previous session. ■
