As the KOSDAQ index rose more than 3% intraday on the 11th and index futures also surged, a "buy sidecar" was triggered, temporarily halting program buy quotes. While the KOSPI index has been seesawing around unchanged on the back of across-the-board declines in U.S. stocks the previous day, the KOSDAQ index is showing strength, boosted by gains in semiconductor materials, parts and equipment stocks.
According to the Korea Exchange (KRX), at 1:58:59 p.m. that day, the effectiveness of program buy quotes was suspended for five minutes due to fluctuations in the KOSDAQ150 cash-and-futures indices. At the time, the KOSDAQ150 index had soared nearly 5%, and the KOSDAQ150 futures index also rose more than 6%. In the KOSDAQ market, a sidecar is triggered when the KOSDAQ150 futures price rises 6% or more and the KOSDAQ150 index rises 3% or more for one minute.
KOSDAQ bellwether Alteogen is rising around 10%, while semiconductor materials, parts and equipment firms including LEENO Industrial, Wonik IPS, HPSP, HANA Micron and TOKAI CARBON KOREA are posting sharp gains.
In the KOSDAQ market, institutions are net buying more than 500 billion won. Foreign investors, by contrast, are net sellers of nearly 400 billion won. Although the index is surging, it has yet to reclaim 1,000 points.
By contrast, the KOSPI index is fluctuating around the 7,700 level. After U.S. stocks fell across the board the previous day on concerns that investment in the artificial intelligence (AI) ecosystem is continuing at an excessive pace, the KOSPI index also opened sharply lower. However, the morning's losses narrowed significantly and the index even attempted a rebound. In the afternoon, it has been seesawing around unchanged.