While the KOSPI is struggling, the KOSDAQ is surging. As the KOSDAQ index jumped more than 5%, a buy sidecar was triggered for the third straight session.
On the 4th, the Korea Exchange (KRX) said it triggered a buy sidecar on the KOSDAQ market at 10:47:51 a.m. A buy sidecar is activated when the KOSDAQ150 futures price stays more than 6% above the previous close for one minute and the KOSDAQ150 index also rises more than 3%. It halts program buying for five minutes to ease the impact on the cash market.
At the time the sidecar was triggered, the KOSDAQ150 futures price was 1,339.10, up 6.09% from the previous session, and the KOSDAQ150 index was 1,332.12, up 6.50%. As of 11:10 a.m., the KOSDAQ index was 771.97, up 34.62 points (4.70%) from the previous session.
A buy sidecar on the KOSDAQ market was triggered for three straight sessions, on the 31st and the day before last month and again today. It is the 17th time this year, with 12 triggers last month alone.
Robust institutional buying is lifting the index. Institutions are net buying 354 billion won on the KOSDAQ market, while individuals and foreigners are net selling 167 billion won and 183 billion won, respectively.
Most large-cap stocks are gaining, with biotech shares strong. The bellwether Alteogen(196170) is soaring more than 7%, while LigaChem Biosciences (12.89%), ABL Bio (12.25%), HLB (9.55%), Peptron (9.39%), and Sam Chun Dang Pharm (6.00%) are also advancing.