KRX activates buy-side sidecar for KOSPI on sharp rise
Officials stand in front of a screen displaying the benchmark KOSPI at a dealing room of Hana Bank in Seoul, Wednesday. Yonhap
Korea's bourse operator on Wednesday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the stock index sharply rose, led by tech gains.
Program trading for the KOSPI-listed shares was suspended for five minutes at 9:06 a.m., according to the Korea Exchange (KRX).
After opening 3.3 percent higher, the KOSPI rose 450.68 points, or 6.57 percent, to 7,307.51 as of 9:12 a.m.
The stock rise came as U.S. stocks closed higher in overnight trading, buoyed by a strong rebound in semiconductor shares and a softer-than- expected consumer price index.
A buy-side sidecar is triggered when the KOSPI 200 Futures index rises 5 percent or more for at least one minute.