Read this before researching Korean stocks.

A market-wide stop used when the KOSPI or KOSDAQ index falls sharply enough that KRX pauses the whole market.

Trigger

Phase 1 starts at an 8% index fall from the previous close lasting one minute. Phase 2 uses 15% plus an extra 1% drop from phase 1. Phase 3 uses 20% plus an extra 1% drop from phase 2.

Market effect

Phase 1 and phase 2 stop trading for 20 minutes, then restart through single-price call auction. Phase 3 closes the market for the rest of the day.

What it means

It is not a bad-company label. It says the market is under stress, so a stock order may wait even when the issuer has no company-specific news.

Nasdaq read

U.S. market-wide circuit breakers use S&P 500 declines of 7%, 13%, and 20%. Levels 1 and 2 are 15-minute halts before the late-session cutoff; level 3 closes the market.

A Korea-specific brake on program-trading quote validity, usually tied to a sharp index-futures move.

Trigger

KRX's guide lists KOSPI sidecar at a 5% KOSPI 200 futures move for one minute. KOSDAQ sidecar uses a 6% KOSDAQ 150 futures move plus a 3% KOSDAQ 150 index move for one minute.

Market effect

Program-buying or program-selling quote validity is suspended for five minutes. It is flow control, not a full stock-market shutdown.

How to read it

If the headline says sidecar, think index-linked program flow. Do not read it as a company halt, warning label, or delisting signal.

Nasdaq read

Nasdaq does not use the Korean sidecar label. U.S. single-stock volatility is mainly communicated through LULD pauses and halt codes.

The daily up/down boundary that can make a Korean stock look frozen even when it is still open for order entry.

Range

KRX's trading guide lists the daily price limit as plus or minus 30% of the base price for stocks, ETFs, and ETNs.

Market effect

At limit up or limit down, orders can stack on one side. The quote can be visible, but practical buyable or sellable liquidity may be thin.

How to read it

Limit-up does not guarantee you can buy. Limit-down does not guarantee you can sell at the size shown on a screen.

Nasdaq read

Nasdaq ordinary shares do not have a fixed daily up/down limit. U.S. volatility control relies more on LULD price bands and pauses.

A short cooling mechanism that changes price discovery when one security moves too far too quickly.

Trigger

VI is tied to a security moving beyond a KRX dynamic or static volatility band from a reference price.

Market effect

During continuous auction, matching switches to single-price call auction for two minutes. During periodic call auction, the auction can be extended.

How to read it

VI is trading mechanics. It is not the same as investment warning, administrative issue, or a regulatory trading suspension.

Nasdaq read

The closest U.S. mental model is LULD, but LULD uses U.S. national price bands and a primary-listing-exchange pause process.

A halt in one security when KRX needs time for disclosure, investor protection, or market control.

Trigger

KRX examples include sharp price or volume changes, material rumors, inquiry-disclosure issues, bank transaction suspension, business suspension, administrative issue causes, or possible delisting criteria.

Market effect

Orders stop executing in that issue. KRX says resumption can start 30 minutes after inquiry-disclosure results; next-day or delayed resumption can apply if timing or facts remain unresolved.

How to read it

A suspension can be temporary and disclosure-driven, but it can also be the path into administrative issue review or delisting review.

Nasdaq read

Nasdaq communicates halts through codes such as news pending, news released, non-compliance, regulatory concern, operational halt, or volatility pause.

The first KRX market-alert label for stocks showing speculative, abnormal, or potentially unfair-trading patterns.

Role

KRX describes the market-alert system as investor warning for speculative, potentially unfair, or abnormally surging stocks.

Sequence

The alert ladder is investment caution, investment warning, then investment risk. Caution is the lightest stage, but it is still a surveillance flag.

How to read it

Do not treat it as a delisting notice. Treat it as a signal to check price speed, trading concentration, volume, and recent disclosures.

Nasdaq read

Nasdaq does not have a directly equivalent investor-warning ladder. U.S. investors usually see halt codes, deficiency notices, or exchange/regulatory notices instead.

A stronger KRX surveillance label for overheated stocks that have not cooled after caution-stage signals.

Trigger

KRX warning types include ultra-short, short, medium-term, repeated-caution, and unhealthy-trading patterns. Exact criteria depend on the warning type.

Market effect

The label can bring broker handling changes and higher halt risk. A warned stock can be suspended for one trading day if KRX's post-warning price-rise conditions are met.

How to read it

This is a market-surveillance label, not automatic delisting. It says the exchange is warning investors that trading conditions are abnormal.

Nasdaq read

The U.S. equivalent is not one label. You would look for halt codes, regulatory notices, margin treatment, or listing deficiency disclosures.

The removal test for an investment-warning label. This is the practical answer to 'when does 투자경고 come off?'

Earliest review

KRX describes release review from the 10th trading day counted from investment-warning designation. Date calculations use that stock's trading days.

Rapid-rise test

For ultra-short, short, medium-term, or repeated-caution types, release depends on no longer meeting all three checks: 60% up versus five days earlier, 100% up versus 15 days earlier, and highest close in 15 closes.

Unhealthy-trading test

For short-, medium-, or very-long-rise plus unhealthy-trading types, the comparable checks use 45% over five days, 75% over 15 days, and highest close in 15 closes.

After release

Release does not mean the stock is normal forever. KRX also describes re-designation logic, and investment-risk labels step down to investment warning when released.

The highest KRX market-alert label for a stock whose speculative momentum has not cooled after investment warning.

Trigger

KRX describes investment risk as the next stage when a stock keeps rising despite investment-warning designation.

Market effect

Designation itself brings a one-day trading suspension. Further persistent rises after designation can trigger another one-day suspension.

When it clears

KRX describes release review from the 10th day after designation. When released from investment risk, the stock is automatically designated as investment warning.

Nasdaq read

This is not comparable to a Nasdaq delisting notice. It is a Korean market-surveillance escalation with trading restrictions and halt risk.

A KRX cooling rule for overheated stocks that changes the trading method rather than only attaching a warning label.

Trigger

KRX says listed shares can be subject to the measure when they meet short-term overheating criteria, including repeated detection by indicators using price, turnover, and volatility.

Market effect

The stock can move from continuous matching into three trading days of periodic call auction from the next day.

When it clears

KRX notes the caution-release date is the trading day after the short-term overheating cooling measure ends and normal trading begins.

Nasdaq read

Nasdaq LULD pauses are event-driven pauses. Korea's short-term overheating label can change the matching method for a defined cooling period.

A listing-maintenance warning status. It is separate from market-surveillance labels like investment warning.

Trigger

Board-specific criteria can include capital impairment, low equity capital, audit-opinion problems, low market capitalization, report non-submission, low volume, public-float issues, disclosure penalties, governance failures, insolvency, or business suspension.

Market effect

The stock remains listed, but KRX can apply trading controls and the issuer may be on a path toward listing review or formal delisting procedures.

How to read it

A stock can be listed but no longer behave like a normal research candidate. Check KRX/KIND status before relying on valuation ratios or chart history.

Nasdaq read

Nasdaq continued-listing problems usually appear through deficiency notices, cure periods, hearings, or staff delisting determinations.

The formal path where a listing-maintenance problem can become suspension, review, or removal from the exchange.

Trigger

KRX examples include severe audit-opinion issues, full capital impairment, repeated report non-submission, failure to recover market-capitalization or equity requirements, insolvency, or other formal delisting causes.

Market effect

If a delisting cause or listing-maintenance review cause arises, KRX's trading guide says suspension can run from cause identification until the cause is solved.

How to read it

Do not treat the chart as the whole story. A cheap-looking valuation can be irrelevant if trading is suspended or a listing review is pending.

Nasdaq read

Nasdaq continued-listing issues usually appear through deficiency notices, cure periods, hearings, or staff delisting determinations under Nasdaq Listing Rules.