KOSPI surges, triggering buy sidecar; 11th sidecar this year

[Financial News] As the Korea Composite Stock Price Index (KOSPI) jumped sharply in a single day, a temporary halt on program buy orders, known as a buy sidecar, was triggered.
The Korea Exchange (KRX) announced that it activated a buy sidecar at 9:07 a.m. on the 1st.
The measure was taken after KOSPI 200 Index Futures rose more than 5% and maintained that level for one minute. At the moment the buy sidecar was triggered, the KOSPI 200 Index Futures stood at 788.15, up 38.90 points (5.19%) from the previous trading day.
This is the 11th time this year that a sidecar has been activated on the Stock Market Division of the Korea Exchange. Of these, sell and buy sidecars have been triggered six and five times, respectively.
A KOSPI sidecar is a mechanism that suspends the validity of program trading orders for five minutes when the KOSPI 200 Index Futures price rises or falls by 5% or more and stays at that level for one minute.

jisseo@fnnews.com Reporter Seo Min-ji Reporter