[DigitalToday reporter Oh Sang-yup (오상엽)] South Korea's stock markets surged on March 5, with sharp gains in both the KOSPI and Kosdaq markets triggering a sidecar that temporarily halted the effectiveness of program buy orders.

According to the Korea Exchange, the effectiveness of program buy orders was suspended for 5 minutes from around 9:06:02 a.m. due to moves in the KOSPI200 futures index.

At the time of activation, the KOSPI200 futures index was 844.00, up 82.60 points, or 10.84 percent, from the previous session's close.

It was the first time in a month that a buy-side sidecar was triggered in the KOSPI market, since Feb. 3.

At the same time, the effectiveness of program buy orders was suspended for 5 minutes due to moves in Kosdaq150 futures prices and the Kosdaq150 index.

At the time of activation, Kosdaq150 futures were up 178.40 points, or 10.40 percent, from the previous session's close, while the Kosdaq150 index rose 187.18 points, or 10.92 percent.

It was the first time in about a month that a sidecar was triggered in the Kosdaq market, since Feb. 19.

A day earlier, both the KOSPI and Kosdaq markets plunged, triggering sell-side sidecars in both markets.

A KOSPI sidecar is triggered when KOSPI200 futures prices rise at least 5 percent from a benchmark price and the move persists for 1 minute.

A Kosdaq sidecar is triggered when Kosdaq150 futures prices rise at least 6 percent from a benchmark price and the Kosdaq150 index rises at least 3 percent from the previous trading day's final level, with both conditions persisting simultaneously for 1 minute.