Key facts
- South Korea's KRX activated a buy-side sidecar for the KOSPI index.
- The sidecar was triggered by a sharp rise in the KOSPI 200 Futures index.
- Program trading for KOSPI-listed shares was suspended for five minutes.
- The KOSPI gained 6.53 percent to reach 8,272.13.
SEOUL, June 12 (Yonhap) -- South Korea's bourse operator, the Korea Exchange (KRX), activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) on Friday as the index experienced a sharp rise. Program trading for KOSPI-listed shares was suspended for five minutes shortly after the market opened.
The KOSPI surged as investors bought blue-chip tech shares following a recent slide, influenced by U.S. President Donald Trump's statement about a "great settlement" with Iran, which fueled hopes for an end to the Middle East conflict. As of 9:10 a.m., the KOSPI had gained 506.95 points, or 6.53 percent, to reach 8,272.13.
A buy-side sidecar is a mechanism triggered when the KOSPI 200 Futures index increases by 5 percent or more for at least one minute, aiming to curb excessive volatility.