The KOSDAQ index surged intraday on the 19th, triggering a "buy sidecar."
At 10:41 a.m. that day, the Korea Exchange (KRX) suspended the effectiveness of program buy orders for five minutes after the KOSDAQ150 futures and cash indexes jumped more than 6%. Program net purchases at the time totaled 347.2 billion won.
A sidecar is a mechanism that temporarily restricts program trading when futures and cash prices surge or plunge beyond a certain threshold, to cool market overheating. The KOSDAQ buy sidecar is triggered when a rise of 6% or more from the KOSDAQ150 futures reference price and a rise of 3% or more in the KOSDAQ150 index persist for one minute.
This is the first KOSDAQ buy sidecar in 15 trading days since on the 26th of last month, and the second this year.
As of 11:08 a.m., the KOSDAQ index was trading at 1,152.05, up 45.97 points (4.16%) from the previous session. Foreign investors and institutions were net buyers of 538.7 billion won and 462.2 billion won, respectively, lifting the index. Individuals net sold 982.1 billion won.