Seoul stocks surge at open, triggering buy-side sidecar

South Korean stocks opened sharply higher Wednesday as Iran said that it would guarantee safe passage through the Strait of Hormuz for a two-week ceasefire. The benchmark Korea Composite Stock Price Index rose 309.92 points, or 5.64 percent, to 5,804.7 at the opening bell. The Korea Exchange activated a five-minute buy-side sidecar on the main bourse shortly afterward, temporarily halting program-driven buy orders in KOSPI futures.