The KOSPI and KOSDAQ indexes jumped 10% in early trading on the 5th, triggering simultaneous buy sidecars.

Market indicators including the KOSPI are displayed on the dealing room scoreboard at Hana Bank in Jung-gu, Seoul, on the 5th. The KOSPI opens at 5,681.88, up 588.34p (11.55%) from the previous transaction day; the KOSDAQ opens at 1,082.54, up 104.10p (10.64%); and the won–dollar exchange rate opens at 1,462.00 won, down 14.20 won. /Courtesy of News1

According to Korea Exchange (KRX), at 9:06 a.m., a buy sidecar was triggered in the stock market as KOSPI200 futures rose more than 5% for over one minute. KOSPI200 futures surged 10.84% from the previous session to trade at 844 points.

At the same time in the KOSDAQ market, a buy sidecar was triggered as KOSDAQ150 futures rose more than 6% and the KOSDAQ150 index maintained gains of more than 3% for one minute. KOSDAQ150 futures rose 10.4% to 1,892.5 points, and the KOSDAQ150 index climbed 10.92% to 1,900.25.

So far this year, the buy sidecar has been triggered four times on the KOSPI and three times on the KOSDAQ. A sidecar is a system that temporarily restricts program trading to cool an overheated market when futures and cash prices surge or plunge beyond a certain level.

As of 9:06 a.m., program trading transaction volume was a net purchase of 213.3 billion won in the KOSPI market and 43.1 billion won in the KOSDAQ market.

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