The Kospi surged Friday, triggering a temporary suspension of program buy orders — known as a buy-side sidecar — for the 34th time this year. The repeated swings are adding to investor confusion as the market continues to oscillate sharply.
According to Korea Exchange, the sidecar took effect at 12:54:55 p.m. Friday on the main bourse, halting program buy orders for five minutes following a sharp move in the KOSPI 200 futures index.
At the time of activation, the KOSPI 200 futures index stood at 1,240.15, up 60.60 points, or 5.13 percent, from the previous session's close.
The Kospi buy-side sidecar is triggered when the KOSPI 200 futures price rises 5 percent or more above its base price and holds that level for at least one minute, suspending program buy orders for five minutes.
As of 1:15 p.m. Friday, the Kospi stood at 7,692.56, up 5.49 percent from the previous session.
Samsung Electronics shares were trading up 6.83 percent at 297,000 won ($197), while SK hynix rose 3.57 percent to 2.264 million won.
The Kosdaq gained 6.38 percent to 844.68.
jiyun@heraldcorp.com
