What are the upper and lower price limits (daily price limit)?

The daily price limit is the maximum amount by which an individual stock's price can rise or fall in a single day, a mechanism to reduce the shock that excessive price movements cause to the market.

In the Korean stock market, the daily price limit was widened from 15% to 30% on June 15, 2015; a stock that rises by the full limit is said to hit the upper limit, and one that falls by the full limit hits the lower limit. The US and European stock markets have no such price limits.