SK Hynix stock plunged 30% during South Korea’s pre-opening session on Thursday after just 11 shares traded at 1,168,000 won each on the alternative platform Nextrade, triggering a two-minute flash crash and wiping out approximately $60 million in long positions on a derivative contract linked to the stock. The stock ultimately limited its decline to 2% at the close of the pre-opening session but fell 9.71% during the regular KOSPI session. Nextrade, which uses a single price source unlike major global exchanges, plans to introduce a circuit breaker mechanism starting September 14. J.P. Morgan downplayed the incident, estimating in a note that Asia’s correction has not derailed the AI investment cycle.
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