Korea Exchange after-market draws heavy retail trading, sharp volatility

The Korea Exchange’s new after-hours stock market drew heavy retail trading and sharp price swings on Monday evening. Trading value reached 1.82 trillion won, with retail investors accounting for 93 percent of activity. Some investors reported technical glitches and confusion over separate KRX and Nextrade order screens. Volatility interruption mechanisms were triggered 1,637 times, more than four times the regular-session count.

The after-hours market recorded 72.24 million shares traded on the first day.

The session accounted for 6.6 percent of the KRX’s total daily turnover of 27.6 trillion won.

Foreign investors made up 3.9 percent of trading, while institutional investors accounted for 2.1 percent.

Hanwha Galleria rose 15.4 percent from its regular-session closing price and saw volatility interruption measures triggered twice.

PonyLink and Valofe posted intraday swings of 32.35 percent and 32.01 percent, respectively.

Published Sep 15, 2026 3:07 pm KST

The Korea Exchange in Yeouido, Seoul, is seen during after-hours trading, Monday. Yonhap

Kim Ji-ho stared at his stock trading app in confusion on Monday evening. He knew that the after-hours market was opening and noticed that a stock he was interested in had risen 10 percent. But by the time he returned from the bathroom, all the gains had disappeared.

"It was a little scary, so I don't think I'll be trading in the after-hours market for a while," said Kim, a 25-year-old college student.

For investors who eagerly jumped in, the experience was not entirely satisfying either.

Some brokerages experienced technical glitches, while some investors said the new system was confusing because they could not easily distinguish regular-session closing prices from prices in the after-hours session.

Others said the separate Korea Exchange (KRX) and Nextrade after-hours markets made trading more cumbersome and confusing, as investors had to choose between two different order screens.

The KRX extended stock trading hours Monday, allowing almost all listed stocks to be traded between 4 p.m. and 8 p.m. Until now, Nextrade, an alternative trading system, had been the only option for after-hours trading, with trading largely limited to large-cap stocks.

According to the KRX, trading value in the after-hours market reached 1.82 trillion won ($1.3 billion) on the first day, with 72.24 million shares changing hands. The figure accounted for 6.6 percent of the KRX's total daily turnover of 27.6 trillion won.

Retail investors dominated the session, accounting for 93 percent of trading, compared with 3.9 percent for foreign investors and 2.1 percent for institutional investors.

Some stocks showed extreme volatility. During the after-hours session, volatility interruption mechanisms were triggered 1,637 times, more than four times the 400 activations recorded during regular trading hours.

Hanwha Galleria, for instance, surged in after-hours trading on speculation that the company could sell its department store in Daejeon.

The stock jumped 15.4 percent from its regular-session closing price at around 4:20 p.m., prompting volatility interruption measures twice, at 4:13 p.m. and 5:13 p.m. The rally, however, did not last. The gap between its intraday high and low during the after-hours session reached 19.2 percent.

Volatility was particularly severe among small- and mid-cap Kosdaq stocks with market capitalizations of around 30 billion won. PonyLink and Valofe posted intraday price swings of 32.35 percent and 32.01 percent, respectively. Yuhwa Securities and HL Science also recorded swings of 28.15 percent and 27.92 percent, respectively.

Market participants attributed the heightened volatility to relatively low participation during the market's early days.

"If trading volume remains thin, liquidity could become fragmented across sessions and undermine price stability," said Yeo Mil-lim, a senior research associate at the Korea Capital Market Institute.

"Following the launch of the after-hours market, authorities should systematically assess market quality and operational stability and reflect the findings in the planned pre-market session," Yeo added.

韩国交易所新推出的盘后交易市场周一晚间吸引了大量散户交易，价格波动剧烈。交易额达到1.82万亿韩元，其中散户交易量占比高达93%。部分投资者反映，KRX和Nextrade两个独立的交易界面存在技术故障和混乱。波动率中断机制被触发1637次，是常规交易时段触发次数的四倍多。

盘后市场首日成交量为7224万股。

该交易日成交额占韩国交易所当日总成交额 27.6 万亿韩元的 6.6%。

外国投资者占交易量的 3.9%，机构投资者占 2.1%。

韩华 Galleria 股价较常规交易时段收盘价上涨 15.4%，并两次触发波动性中断措施。

PonyLink 和 Valofe 的日内波动幅度分别为 32.35% 和 32.01%。

发布于2026年9月15日下午3:07（韩国标准时间）

周一，首尔汝矣岛的韩国交易所（Keeper Exchange）在盘后交易时段进行交易。（韩联社）

周一晚上，金智浩困惑地盯着他的股票交易应用程序。他知道盘后交易即将开始，并且注意到他感兴趣的一只股票上涨了10%。但当他从洗手间回来时，所有的涨幅都消失了。

“有点吓人，所以我想我暂时不会在盘后市场进行交易了，”25岁的大学生金说道。

对于那些急于入场的投资者来说，这种体验也并非完全令人满意。

一些经纪公司遇到了技术故障，而一些投资者表示，新系统令人困惑，因为他们无法轻易区分正常交易时段的收盘价和盘后交易时段的价格。

另一些人则表示，韩国交易所 (KRX) 和 Nextrade 的盘后交易市场各自独立，使得交易更加繁琐和混乱，因为投资者必须在两个不同的下单界面之间做出选择。

韩国交易所（KRX）周一延长了股票交易时间，允许几乎所有上市股票在下午 4 点至晚上 8 点之间进行交易。此前，Nextrade（一种另类交易系统）是盘后交易的唯一选择，但交易主要限于大盘股。

据韩国交易所（KRX）数据显示，首日盘后交易成交额达到1.82万亿韩元（约合13亿美元），成交量为7224万股。该数字占KRX当日总成交额27.6万亿韩元的6.6%。

散户投资者主导了本次交易，占交易量的 93%，而外国投资者仅占 3.9%，机构投资者仅占 2.1%。

部分股票波动剧烈。盘后交易时段，波动性中断机制被触发1637次，是正常交易时段400次触发次数的四倍多。

例如，由于市场猜测韩华集团可能会出售其位于大田的百货商店，韩华百货的股价在盘后交易中大幅上涨。

该股在下午4点20分左右较常规交易时段收盘价上涨15.4%，导致市场两次采取波动性干预措施，分别在下午4点13分和5点13分。然而，这波涨势并未持续。盘后交易时段，该股的日内最高价与最低价之间的涨幅一度达到19.2%。

市值在300亿韩元左右的韩国创业板（Kosdaq）中小市值股票波动尤为剧烈。PonyLink和Valofe的日内股价波动幅度分别高达32.35%和32.01%。Yuhwa Securities和HL Science的股价波动幅度也分别达到了28.15%和27.92%。

市场参与者将市场波动加剧归因于市场初期参与度相对较低。

韩国资本市场研究院高级研究员吕美林表示：“如果交易量持续低迷，流动性可能会在不同交易日之间分散，从而破坏价格稳定。”

“在推出盘后市场后，当局应系统地评估市场质量和运营稳定性，并将评估结果反映在计划中的盘前交易时段中，”杨补充道。