KOSPI surges to approach 620

The Korea Composite Stock Price Index (KOSPI) surged by 26 points Wednesday to surpass the 610 barrier. The Kosdaq index also rose slightly after showing sharp ups and downs.

The composite index soared by 26.57 points (4.49%) from the previous day to 617.91 and the Kosdaq index climbed by 1.60 points (1.93%) to close the day at 84.36. It is the first time since Sept. 15 last year (628.20 points) that the KOSPI broke through the 617 mark.

The stock market continued its bullish trend fueled by expectations of an interest rate reduction in the U.S. and the favorable news that the AIG consortium plans to invest 1.1 trillion won in Hyundai Investment Trust and Security and that Deputy Premier Jin Nyum plans to complete restructuring of the four major sectors by the end of next month.

The trading volume on the Kosdaq market saw a record high of 718.87 million shares Wednesday, surpassing the previous record of 697.32 million issues on Jan. 10. The Kosdaq figure was up about 300 million shares from the 433.44 million shares traded on the Korea Stock Exchange, the ninth straight day that the Kosdaq has outpaced the KSE in terms of trading volume.