KRX issues buy-side sidecar for KOSPI on sharp rebound
A signboard shows the KOSPI index, along with the Kosdaq index and won-dollar exchange rate at a dealing room at Hana Bank in Seoul, Tuesday. Yonhap
South Korea's bourse operator on Tuesday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index rose sharply, bouncing back from its steep fall the previous day.
Program trading for the KOSPI was suspended for five minutes shortly after opening, according to the Korea Exchange (KRX).
The KOSPI sharply gained ground as investors scooped up blue chip tech shares following their slide on sentiment that the artificial intelligence (AI) boom is not over and on revived hopes for peace in the Middle East on news of a ceasefire between Israel and Iran.
The KOSPI rose 247.84 points, or 3.31 percent to 7,732.25 as of 9:15 a.m.
A buy-side sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.