The KOSPI surged more than 4% on the morning of the 27th, triggering a buy-side sidecar (temporary suspension of program buy orders). It is the 53rd sidecar on the KOSPI market this year.
According to the Korea Exchange, a buy-side sidecar was triggered at around 10:13 a.m. that day after KOSPI 200 futures stayed up 5% or more from the previous session for more than one minute. At the time of the trigger, KOSPI 200 futures stood at 893.02, up 5.05% from the previous session.
A buy-side sidecar is triggered when the price of the nearest-month futures contract on the KOSPI 200 rises 5% or more and stays there for one minute. Once triggered, the effect of program trading buy orders is suspended for five minutes and then automatically lifted.
At around 10:24 a.m., the KOSPI was at 5,693.34, up 4.09% from the previous session. At the same time, the KOSDAQ was at 757.52, up 4.17% from the previous day. SK hynix is up 7.4% and Samsung Electronics 5.4%.
The moves are interpreted as the result of a revival in investor sentiment toward AI chip stocks on news that Anthropic, the developer of the AI model “Claude,” has begun the process of an initial public offering (IPO).