KOSDAQ surged more than 5% as Korea Exchange activated a buy-side-only trading curb—pausing programmatic trading—at 10:47:51 KST (09:47 BJT). KOSPI lagged while KOSDAQ strength was driven by heavy institutional demand. This is the third consecutive day the buy-side curb has been triggered (last month's 31st, yesterday and today), the 17th instance this year and the 12th last month. Institutional investors net bought KRW 354 billion on KOSDAQ; retail and foreign investors net sold KRW 167 billion

KOSDAQ surged more than 5% as Korea Exchange activated a buy-side-only trading curb—pausing programmatic trading—at 10:47:51 KST (09:47 BJT). KOSPI lagged while KOSDAQ strength was driven by heavy institutional demand. This is the third consecutive day the buy-side curb has been triggered (last month's 31st, yesterday and today), the 17th instance this year and the 12th last month. Institutional investors net bought KRW 354 billion on KOSDAQ; retail and foreign investors net sold KRW 167 billion and KRW 183 billion, respectively. Biotech names led gains: LigaChem +12.9%, ABL Bio +12.3%, HLB +9.6%, Peptron +9.4%, Alteogen +7.0%, Sam Chun Dang Pharm +6.0%.