KRX issues buy-side sidecar for KOSPI on sharp rise
The KOSPI index is displayed at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
Korea's bourse operator on Thursday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index spiked sharply, driven by a tech rally.
Program trading for the KOSPI-listed shares was suspended for five minutes shortly after the market opened, according to the Korea Exchange (KRX).
The KOSPI rose 431.95 points, or 5.1 percent, to 8,902.97 as of 9:09 a.m.
The KOSPI sharply gained ground as investors scooped up semiconductor shares on U.S. chipmaker Micron Technology's better-than-anticipated quarterly earnings.
A buy-side sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.