A trading board at Hana Bank's dealing room in central Seoul shows the Kosdaq and other indexes on Jan. 26, as a buy-side sidecar was triggered amid a sharp rise in the Kosdaq. [Photo: Yonhap]

South Korea's Kosdaq index surged more than 7 percent and returned above the 1,000 level for the first time in more than four years. The KOSPI, which reclaimed 5,000 early in the session, later slipped into the 4,940s as net selling by foreigners and institutions erased earlier gains.

The KOSPI closed down 40.48 points, or 0.81 percent, at 4,949.59 on Jan. 26.

The index opened up 7.47 points, or 0.15 percent, at 4,997.54 and briefly jumped to a record high of 5,023.76. It quickly gave up gains and turned lower.

The Kosdaq ended up 70.48 points, or 7.09 percent, at 1,064.41.

That marked the highest level since the Kosdaq index system was revised in 2004.

After opening up 9.97 points, or 1.00 percent, at 1,003.90, the index continued to widen gains. In the process, a temporary halt to the effectiveness of program buy orders, known as a sidecar, was triggered for the first time in about nine months.

[Yonhap]

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