Posted February. 14, 2005 22:30,
The Korea Composite Stock Price Index (KOSPI) surged over the 960 mark for the first time in five years.
Due to the anticipation for a recovery in domestic consumption and bullish foreign stock markets, the KOSPI closed at 964.79 on Monday, February 14, increasing by 17.56 points (1.85 percent) from the previous close on February 11.
This is the first time since February 10, 2000 (966.18) the index has surpassed the 960 mark.
That day, individual investors sold a net 217.4 billion won worth of stocks (net selling: when the stock sale price is higher than the price it was bought at), but foreign and institutional investors net purchased (net purchases: when the purchase price of a stock is higher than the price it was sold at) 91.9 billion and 93.2 billion won, respectively.
The KOSDAQ index also rose by 16.36 points (3.36 percent) and closed at 503.24.
The KOSDAQ index surpassed the 500 mark for the first time in 17 months since September 4, 2003 (501.00).
Hwang Chang-jung, manager of the investment strategy team at LG Investment & Securities, said, The stock prices seemed to have risen highly from the anticipation for a recovery in domestic spending, stimulating capital influx into the stock market, and foreign investors have been purchasing stocks. This surge will continue for the time being.