Key facts
- The Korea Exchange (KRX) activated a buy-side sidecar for the KOSPI index.
- Program trading for KOSPI-listed shares was suspended for five minutes at 12:54 p.m.
- The KOSPI index rose 5.6 percent to 7,700.32 as of 1:10 p.m.
- The rally was fueled by strong performance in semiconductor shares.
- U.S. stocks also closed higher overnight, contributing to the market's upward movement.
South Korea's benchmark Korea Composite Stock Price Index (KOSPI) experienced a sharp rise on Friday, prompting the Korea Exchange (KRX) to activate a buy-side sidecar. This measure led to a five-minute suspension of program trading for KOSPI-listed shares, beginning at 12:54 p.m.
The KOSPI surged by 5.6 percent, reaching 7,700.32 as of 1:10 p.m. The rally was primarily driven by a strong performance in semiconductor shares. This upward momentum followed a positive close in U.S. stocks overnight, which were buoyed by a rebound in semiconductor shares and easing oil prices. A buy-side sidecar is typically triggered when the KOSPI 200 Futures index rises 5 percent or more for at least one minute.