South Korea Activates KOSPI Buy-Side Sidecar Amid Sharp Tech-Fueled Market Rise
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South Korea's bourse operator, the Korea Exchange (KRX), activated a buy-side sidecar for the benchmark KOSPI index, suspending program trading for five minutes, after the index surged over 6% due to strong tech gains.
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A buy-side sidecar is a market mechanism triggered when the KOSPI 200 Futures index rises 5 percent or more for at least one minute, designed to temporarily suspend program trading.
SEOUL, July 22 (Yonhap) -- South Korea's bourse operator on Wednesday 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 over 5 percent higher, the KOSPI rose 6.01 percent to 7,153.42 points as of 9:11 a.m.
A buy-side sidecar is triggered when the KOSPI 200 Futures index rises 5 percent or more for at least one minute.
