Sell-side sidecar triggered on Kosdaq after 5% plunge

A sell-side sidecar was triggered on the Kosdaq market Tuesday after the index fell 5 percent.

A five-minute suspension of program sell orders on the Kosdaq market thus took effect at 12:06 p.m., the Korea Exchange said.

At the time the sell-side sidecar was triggered, the Kosdaq 150 futures price stood at 1,306.80, down 84.70 points, or 6.08 percent, from the previous session's close. The Kosdaq 150 spot index was at 1,298.20, down 86.69 points, or 6.25 percent.

A sell-side sidecar on the Kosdaq is triggered when the Kosdaq 150 futures price falls by 6 percent or more from the benchmark price and the Kosdaq 150 spot index declines by 3 percent or more from the previous trading day's closing level, with both conditions persisting for at least one minute.

BY SHIN HYE-YEON [[email protected]]