KRX's First Night Trading Sees 93% Retail Participation as VI Activated Over 1,600 Times

KRX introduced its first night trading session on Wednesday, running from 4 p.m. to 8 p.m., where retail investors accounted for over 90% of total trade volume amid frequent activation of the volatility interruption (VI) mechanism.

Data from KRX's Data Marketplace showed VI was triggered 1,637 times during the session—more than four times the number seen in regular trading hours on the same day. A total of 2,501 stocks participated in night trading, with some experiencing multiple VI activations.

Total trade volume reached 180 billion won ($140 million), with retail investors representing 93% of the market share. Foreign investor participation was limited to 3.9%, while domestic institutional investors made up the remainder.

Analysts noted that restricted participation from institutions and foreign investors contributed to low liquidity, which amplified price volatility. According to Bloomberg, Park Sang-hyeon, founder of Klepsidra Capital, explained that 'institutional investors were largely on the sidelines, resulting in insufficient buy and sell orders,' adding that while retail demand for night trading is clear, 'significant risks may persist until large investors provide liquidity.'

Price fluctuations were particularly pronounced among small-cap stocks. Park noted some small-cap stocks surged 15–30% on minor news before quickly reversing course.