KRX activates buy-side sidecar for KOSPI on sharp rise
A signboard shows the KOSPI index and SK hynix's share price at a dealing room at Hana Bank's heaquarters in Seoul, Friday. Yonhap
Korea's bourse operator on Friday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the stock index sharply rose, led by a semiconductor rally.
Program trading for the KOSPI-listed shares was suspended for five minutes at 12:54 p.m., according to the Korea Exchange (KRX).
After opening 3.57 percent higher, the KOSPI rose 408.4 points, or 5.6 percent, to 7,700.32 as of 1:10 p.m.
The stock rise came as U.S. stocks closed higher in overnight trading, buoyed by a strong rebound in semiconductor shares and easing oil prices.
A buy-side sidecar is triggered when the KOSPI 200 Futures index rises 5 percent or more for at least one minute.