The KOSPI index is displayed on the dealing room board at Hana Bank in Jung-gu, Seoul, on the 21st as the KOSPI crosses the 7,500 mark shortly after the market opens. /Courtesy of News1

With the KOSPI and KOSDAQ indexes surging 4%–6% in early trading on the 21st, buy-sidecars—temporary suspensions of program trading buy quotes—were triggered simultaneously on the KOSPI and KOSDAQ markets.

The Korea Exchange (KRX) said at 9:24 a.m. that a buy-sidecar was triggered on the KOSPI. A buy-sidecar was also triggered on the KOSDAQ market at 9:27 a.m.

A buy-sidecar is a market stabilization mechanism that suspends program buying for five minutes to ease volatility. It is triggered, respectively, when KOSPI200 futures or KOSDAQ150 futures remain up 5% from the previous session for one minute.

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