KOSPI Surges Over 4% Early in Session... Buy Sidecar Triggered
The KOSPI index surged more than 4% early in the session on the 5th, triggering a temporary suspension of program buy orders (buy-sidecar) on the Korea Exchange.
As the KOSPI surged over 4% on a U.S.-led positive wave, triggering an intraday buy-sidecar, employees at the Hana Bank headquarters dealing room in Jung-gu, Seoul, were monitoring the stock market and exchange rates on the 5th. As of 9:02 a.m. that day, the KOSPI was up 263.27 points (4.14%) from the previous session to 6,622.22, expanding its gains. Photo by Jo Yongjun
View original imageAccording to the Korea Exchange, program buy orders in the KOSPI market were suspended for five minutes starting at 9:24:56 a.m. due to sharp fluctuations in the KOSPI 200 futures index. At the time the sidecar was triggered, the KOSPI 200 futures index had soared by 51.20 points (5.12%) from the previous day’s closing price to 1,049.28.
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The KOSPI sidecar is triggered when the KOSPI 200 futures price rises by 5% or more from the reference price and remains at that level for at least one minute, resulting in a five-minute suspension of program buy orders.
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