KRX activates buy-side sidecar for KOSPI on sharp rise

The Korea Exchange (KRX) activated a buy-side sidecar for the KOSPI on Wednesday, suspending program trading for five minutes at 9:25 a.m. after the index surged 4.53 percent, driven by gains in technology stocks and hopes for a U.S.-Iran agreement over the Strait of Hormuz.

Korea's bourse operator on Wednesday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index KOSPI after the index surged, driven by gains in technology stocks. Program trading for the KOSPI-listed shares was suspended for five minutes at 9:25 a.m., shortly after the market opened, according to the Korea Exchange KRX . After opening 3.85 percent higher, the KOSPI climbed 4.53 percent as of 9:27 a.m. amid hopes for a possible agreement between the United States and Iran over the Strait of Hormuz and eased woes over artificial intelligence AI investment. A buy-side sidecar is triggered when the KOSPI 200 Futures index rises 5 percent or more for at least one minute.