Buy Sidecar Triggered as KOSDAQ Surges; KOSPI Rebounds More Than 1% [Morning Market Update]

[Financial News] As KOSDAQ extended its sharp rally, a temporary suspension of program buy orders, known as a buy sidecar, was triggered three times this month alone.
At 10:25 a.m. on the 10th, KOSDAQ was trading at 849.74, up 50.93 points, or 6.38%, from the previous session.
KOSDAQ surged early in the session, which also triggered the buy sidecar. At the time of activation, KOSDAQ futures were up 6.05% from the previous trading day, while the KOSDAQ 150 Index had risen 6.25%.
This was the third buy sidecar triggered in the KOSDAQ market this month, following those on the 3rd and 4th.
A KOSDAQ buy sidecar is triggered when KOSDAQ 150 Index futures rise at least 6% from the reference price and the KOSDAQ 150 Index climbs at least 3% from the previous trading day's closing level for one minute.
At the same time, KOSPI was trading at 6,325.99, up 67.22 points, or 1.07%, from the previous close.
Investor sentiment appears to have improved as concerns over interest-rate hikes eased after U.S. July employment data fell far short of expectations. The New York stock market also closed higher across the board on the 7th local time.
On the Korea Exchange Main Board, retail and institutional investors were net buyers of 92.7 billion won and 322.5 billion won, respectively, helping lift the index. Foreign investors, meanwhile, were net sellers by 435.3 billion won.
Samsung Electronics (0.97%), SK hynix (1.76%), SK Square (0.85%), Samsung Electro-Mechanics (1.72%), LG Energy Solution (0.14%), and Hyundai Motor Company (2.53%) were among the gainers.
By sector, medical and precision instruments, metals, machinery and equipment, securities, transport equipment and parts, construction, manufacturing, and electrical and electronics stocks were rising. Transportation and storage, telecommunications, food and beverages and tobacco, finance, textiles and apparel, and distribution were weaker.

[email protected] Seo Min-ji Reporter