The KOSPI index surged 7% in early trading on the 12th, triggering a temporary suspension of program buy orders (sidecar).

As the KOSPI index surges more than 6 percent at the open, triggering a buy-sidecar on the morning of the 12th, the status board at the main dealing room of Hana Bank headquarters in Jung-gu, Seoul shows 8,307.55, up 543.60 points (7.00 percent) from the previous session. /Courtesy of News1

According to the Korea Exchange (KRX), at about 9:06:02 a.m. that day, the effectiveness of program buy orders was suspended for five minutes due to volatility in the KOSPI 200 futures index.

This is the 25th sidecar triggered this year. So far, there have been 12 sell sidecars and 13 buy sidecars.

At the time it was triggered, the KOSPI 200 futures index was 1,332.00, up 95.95 points (7.76%) from the previous close. As of 9:06 a.m., the net buying size of program trading transactions was 26.7 billion won.

A buy sidecar is a system that restricts the effectiveness of program buy orders for five minutes if the KOSPI 200 futures price rises 5% or more from the reference price and that condition lasts for one minute.

※ This article has been translated by AI. Share your feedback here.