ROK exchange triggers circuit breaker on KOSPI amid big tech sell-offs

South Korea's stock exchange operator on Tuesday triggered a circuit breaker on the KOSPI market amid big tech sell-offs.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 395.02 points, or 4.91 percent, to close at 7,656.31, and the tech-heavy KOSDAQ Index dropped 15.84 points, or 1.87 percent, to finish at 831.23 points.

The Korea Exchange activated the level 1 circuit breaker on the KOSPI market following a bout of panic selling in big tech shares such as Samsung Electronics and SK Hynix.

Samsung announced its historic preliminary quarterly operating profit, but the market treated the news as a "done deal", leading to a massive sell-off right after the announcement.

Shares of Samsung Electronics and SK Hynix plummeted by over 9 percent and 10 percent each during the afternoon session.

Foreign investors led the panic selling, dumping over 3 trillion won (about 2 billion U.S. dollars) worth of shares in a single day, while retail investors stepped in to buy the dip.

Circuit breakers are issued in stages when the KOSPI or KOSDAQ dives by 8 percent, 15 percent and 20 percent.

The first two stages halt trading for 20 minutes, followed by a 10-minute single price auction, while the final stage instantly shuts down the market for the day.

ROK exchange triggers circuit breaker on KOSPI amid big tech sell-offs

Giant panda Mang Cancan celebrated his 3rd birthday on Monday with a special feast featuring various fruit and vegetable at Chongqing Zoo in southwest China.

Zookeepers prepared an elaborate birthday meal for the giant panda, including a pumpkin-carved cart and fruit hamper made of cantaloupe. The festivities were further enhanced with snow-and-ice decorations and a water-mist spray.

Despite the intense summer heat, numerous local residents and tourists made a special trip to the zoo to share birthday wishes to this beloved giant panda.

"I came to see Mang Xiaowu celebrating his birthday. He was eating watermelon and ice and looks very happy. Here I wish Mang Xiaowu a happy birthday," said a visitor.

Mang Cancan was born on July 6, 2023 at Chongqing Zoo, weighing 191 grams at birth.

As the fifth cub of his mother Mangzai, he is affectionately called Mang Xiaowu, meaning "Mang Little Five".

His official name, "Mang Cancan", was selected by over 13,000 citizens and netizens through a public vote when he was 100 days old, symbolizing beauty and brilliance in Chinese.

Giant panda Mang Cancan celebrates 3rd birthday in Chongqing