Kospi Rally Triggers Buy-Side Sidecar on Main Board

A buy-side sidecar, which temporarily halts program buy orders, was triggered on South Korea’s main stock market as the Kospi surged.

According to the Korea Exchange on July 21, program buy orders were suspended for five minutes from 12:41:29 p.m. after a sharp move in the Kospi 200 futures index. At the time the sidecar was triggered, the Kospi 200 futures index stood at 1,086.58, up 53.44 points, or 5.17%, from the previous close.

The Kospi was up more than 4% later in the day. The Kosdaq index, which fell in morning trading, turned higher and was up 0.5% at 753.40 at the same time.

Lee Jung-woo, Hankyung.com reporter, krse9059@hankyung.com