The Kospi surged Monday morning after the United States and Iran announced a ceasefire agreement to end their war.
As of 9:25 a.m., the index stood at 8,591.48, up 5.76 percent from the previous session. The benchmark opened at 8,526.12, a gain of 402.50 points, or 4.95 percent.
The early rally triggered a sidecar — a temporary suspension of program buy orders — at 9:06 a.m. The mechanism activated after the KOSPI 200 futures index moved sharply, halting program buy asking prices for five minutes. At the time of activation, the KOSPI 200 futures index stood at 1,365.85, up 66.00 points, or 5.07 percent, from the previous close.
The Kospi sidecar activates when the KOSPI 200 futures price rises 5 percent or more above its reference price and holds that level for at least one minute, suspending program buy asking prices for five minutes.
The Kosdaq opened at 1,048.19, up 19.14 points, or 1.86 percent, from the previous session, and was trading in the 1,030 range.
Samsung Electronics and SK Hynix jumped more than 5 percent and 7 percent, respectively, with Samsung trading around 340,000 won (about $224) and SK Hynix around 2.3 million won per share.
dlcw@heraldcorp.com
