KOSPI surges back to 710 level

With the market anticipating a surprisingly rapid resolution of the Hyundai crisis, the KOSPI jumped by more than 40 points, recovering to the 710 level, while interest rates recorded a yearly low.

Wednesday`s stock market saw the KOSPI surge by 44.15 (6.62%) to close at 710.23 for the day, the second highest rise for the year. The KOSDAQ also moved up slightly by 1.81 points to finish at the 120 level, which may be the bottom line.

After Aug. 2, the bourse fell by more than 60 points for 4 consecutive days, and a technical rebound was expected. The government`s tough stance toward the Hyundai problem boosted investor sentiment, enabling the market to keep its upward momentum until it closed at 710.