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KOSDAQ trading suspended on bio shares rally Updated: 2018-01-12 18:00:27 KST


Trading was suspended for five minutes Friday afternoon on Korea's secondary stock index, the KOSDAQ, after futures prices jumped over 6 percent from Thursday's close for more than a minute.
At 1:57 p.m., the surge prompted a temporary suspension known as a sidecar, which is used to cool the market in case of a sudden fluctuation.
Shortly after 2 p.m., the KOSDAQ had risen by nearly 4 percent to 886.six, putting it at the highest level in over 15 years.
The KOSDAQ closed Friday at 873.
This marks the first five-minute trading suspension since the Brexit vote in June 2016 when KOSDAQ shares dropped 7 percent.
It's also the first time since May 2009 that the measure was enacted due to a price surge in the KOSDAQ rather than a fall.
The rally come a day after the Korean government announced measures to boost investment and ease listing rules on the tech-heavy KOSDAQ to help tech companies raise funds and spur innovation.
Shares of biotech companies were the main driver, particularly pharmaceutical maker Celltrion, whose shares jumped more than 10 percent in one day, mainly on foreign investment.
Kim Hyesung, Arirang News.
KOGL : Korea Open Government License
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