Buy-side sidecar activated after Kospi jumps over 5%

Korea’s benchmark index jumped 5.8 percent Wednesday morning, topping 7,000 and triggering a buy-side sidecar as gains accelerated.

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A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on July 22.

Korea's benchmark Kospi index jumped more than 5 percent Wednesday morning, triggering a buy-side sidecar as the rally accelerated. The index broke back above 7,000 for the first time since July 15.

As of 9:05 a.m., the Kospi stood at 7,139.36, up 391.41 points, or 5.80 percent, from the previous session's close. The index had opened the day at 7,052.09, up 304.14 points, or 4.51 percent, before extending its gains.

A buy-side curb, locally known as a sidecar, was triggered at around 9:10 a.m. to halt program trading buy orders for five minutes, according to the Korea Exchange. A sidecar is activated when the Kospi 200 futures index rises 5 percent or more from the previous session's close and holds that gain for one minute.

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The tech-heavy Kosdaq also rose, gaining 21.34 points, or 2.83 percent, to 774.68 at the same time.


BY JEONG HYE-JEONG [[email protected]]

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

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