KRX activates sell-side sidecar for KOSPI on sharp fall
By Yonhap
The benchmark KOSPI is displayed at a dealing room in Hana Bank in Seoul, Friday. Yonhap
South Korea's bourse operator on Friday activated a sell-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index slid sharply.
Program trading for the KOSPI was suspended for five minutes around 11:13 a.m., according to the Korea Exchange (KRX).
The KOSPI sharply lost ground as investors dumped big-cap technology shares for profit hunting after a 5.42 percent hike the previous day.
The KOSPI shed 451.39 points, or 5.08 percent, to 8,478.91 as of 11:13 a.m.
A sell-side sidecar is triggered when the KOSPI 200 Futures index decreases 5 percent or more for at least one minute.