KOSDAQ trading suspended on bio shares surge
[THE INVESTOR] The Korea Exchange temporarily suspended trading of the KOSDAQ market on Jan. 12 afternoon as the secondary market jumped more than 3 percent on a bio stock rally.
KOSDAQ rose 3.69 percent to 883.98 points shortly before 2 p.m., leading to a five-minute sidecar, a restraining measure adopted in case of a sudden market fluctuation, the Seoul bourse operator said.
The order was issued for the first time since June 2016, when Britain voted to exit the European Union.
Sharp gains in leading bio shares drove up the overall market.
Celltrion, KOSDAQ’s No. 1 market cap, skyrocketed 19 percent, and its affiliate Celltrion Healthcare rose nearly 25 percent shortly after 2 p.m.
By Alex Lee and newswires (firstname.lastname@example.org)