KOSPI and KOSDAQ Surge Over 5%... Buy-Side Car Triggered

[Asia Economy Reporter Minji Lee] The KOSPI and KOSDAQ indices surged more than 5%, triggering a buy-sidecar that temporarily halts program trading in the market.

The Korea Exchange announced that at around 10:05 a.m. on the 24th, the futures price rose more than 5% and sustained that level for over one minute, leading to the activation of a buy-sidecar that suspends program sell orders for five minutes in both the KOSPI and KOSDAQ markets.

At 10:16 a.m. that day, the KOSPI was at 1,566.74, up 5.69% (84.28 points) from the previous session. The index opened higher at 1,523.69, up 2.78% (41.23 points) from the previous session.

In the market, institutional investors purchased stocks worth 50.3 billion KRW, while foreigners and individuals sold stocks worth 22.9 billion KRW and 40.5 billion KRW, respectively.

Including the sell-sidecar, this marks the sixth time this year that a sidecar has been triggered in the securities market.

The KOSDAQ index is currently at 469.45, up 5.79% (25.60 points). The index opened at 457.21, up 3.03% (13.45 points) from the previous session.

In the KOSDAQ market, foreigners and institutions bought stocks worth 31 billion KRW and 4.3 billion KRW, respectively, while individuals net sold stocks worth 37 billion KRW.

This year, the sidecar has been triggered a total of five times in the KOSDAQ market, combining both buy- and sell-sidecars.