KOSPI jumps over 580

Amid bullish investor sentiment that has continued for the past five days, the composite stock price index or KOSPI broke the 580 mark with ease Friday.

In early trading, the movement of stocks was moderate under the influence of a steep rise on the previous day and news that the U.S. stock market was heading for a downturn. With foreign investors placing orders worth more than 400 billion won, the index surged.

Trading was also heavy, coming in at 564.73 million shares, the highest level in six months. The previous high was on July 11 last year, when 849.97 million shares changed hands. The trading value also exceeded 3 trillion won.

Reflecting expectations of the stock market boom, securities stocks made big gains. Nearly all insurance stocks also reached their upper limits. Shares of Hyundai Group affiliates such as Hyundai Engineering & Construction (HEC), Hyundai Merchant Marine and Hyundai Electronics Industries also hit their ceilings on the back of a report that Korea Development Bank had acquired Hyundai corporate bonds en masse.

Dong-Ah Construction Industrial, which stirred up a frenzy when it allegedly discovered a treasure ship, hit its lower limit after a rally on Dec. 17. Shares of Hyundai Corp. and Young Poong Mining & Construction surged after it was reported that they had discovered gold mines.