KOSPI-sidecar

KRX issues buy-side sidecar for KOSPI on sharp rise

SEOUL, June 15 (Yonhap) -- South Korea's bourse operator Monday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index spiked sharply, boosted by a peace deal agreement reached between the United States and Iran.

Program trading for the KOSPI-listed shares was suspended for five minutes shortly after the market opened, according to the Korea Exchange (KRX).

The KOSPI rose 327.7 points, or 4.03 percent, to 8,451.32 as of 9:07 a.m.

The KOSPI sharply gained ground as investors scooped up blue chip tech shares after U.S. President Donald Trump said the U.S. and Iran have reached a deal to end their monthslong war in the Middle East and reopen the Hormuz Strait.

A formal signing ceremony is expected to take place Friday.

A buy-side sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.

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