KRX issues buy-side sidecar for KOSPI on sharp rise

The benchmark KOSPI is displayed on a screen at a dealing room in Hana Bank, 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 index spiked sharply on hopes for an end to the Middle East conflict.

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 sharply gained ground as investors scooped up blue chip tech shares following their slide, as U.S. President Donald Trump said the United States has made a "great settlement" with Iran, fueling hopes the war is near its end.

The KOSPI rose 506.95 points, or 6.53 percent, to 8,272.13 as of 9:10 a.m.

A buy-side sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.