KRX activates buy-side sidecar for KOSPI on sharp rise
The Korea Composite Stock Price Index (KOSPI) is shown on a screen at adealing room of Hana Bank in central Seoul, Friday. Yonhap
By 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 rose sharply, fueled by tech gains.
Program trading for the KOSPI-listed shares was suspended for five minutes at 9:06 a.m. soon after the market opened, according to the Korea Exchange (KRX).
After opening 1.15 percent higher, the KOSPI surged 11.05 percent as of 9:07 a.m.
A buy-side sidecar is triggered when the KOSPI 200 Futures index rises 5 percent or more for at least one minute.