On Friday, the South Korean stock exchange activated a temporary suspension of buy-side program trading for the benchmark KOSPI index, following a significant market surge driven by expectations of a de-escalation in Middle East tensions.

According to the Korea Exchange (KRX), the program trading mechanism for KOSPI-listed stocks was halted for five minutes shortly after the market opened.

The KOSPI index experienced a sharp upward movement at the opening bell, fueled by remarks from the U.S. President indicating a "major deal" had been reached with Iran, which boosted market optimism that the conflict with Iran could be nearing an end.

As of 9:10 AM local time, the KOSPI index had risen by 506.95 points, or 6.53 percent, reaching 8,272.13 points.

The buy-side circuit breaker, known as a sidecar mechanism, is triggered when the KOSPI 200 futures index rises by 5 percent or more and sustains that level for at least one minute.