South Korea’s bourse operator, the Korea Exchange (KRX), activates a buy-side sidecar for the secondary KOSDAQ market on Friday as the KOSDAQ index jumps. The exchange suspends program trading in KOSDAQ-listed shares for five minutes at 12:55 p.m., according to the KRX.
The move comes after turbulence earlier in the week. On the previous day, a sell-side sidecar is triggered and a circuit breaker follows during trading, with the KOSDAQ index dropping more than 7% to close sharply lower. On Friday, the index rebounds, gaining 5.27% to 800.90 by afternoon and reclaiming the 800-point level just one day later.
KRX says the buy-side sidecar is triggered when KOSDAQ 150 futures rise at least 6% from the benchmark price and the KOSDAQ 150 index increases by at least 3% versus the prior trading day’s close, with both conditions sustained for one minute.
