Gasp! Over 1,000

The Korea Composite Stock Price Index reached the 1,000 mark on February 25.

The stock market rose to 1,000.26 five minutes after the opening bell on the news that the U.S. stock market had experienced an increase.

It is the first time in five years in a month since January 11, 2000 (1,005.87) that the stock market index surpassed the 1,000 mark during trading.

But the KOSPI closed with a lower margin of 996.95, 9.85 points (1.0 percent) higher than the previous day, due to cautious sentiments from sudden spikes after passing the 1,000 mark.

Foreign investors in the stock market (the former stock exchange) purchased 149 billion won in net value, turning the tide of demand in three days. Institutions also purchased 12.4 billion won in net value.

On the other hand, private investors sold 131.5 billion won in net value.

Possessing the highest aggregate value of listed stock, Samsung Electronics stocks closed at 522,000 won, 0.58 percent higher than the previous day. The rise of oil prices caused an increase in SK Corp. and S-Oil prices of 4.27 percent and 3.71, respectively.

Meanwhile the KOSDAQ index closed at 494.87, 2.74 points (0.55 percent) lower than the previous day.

Jin-Hup Song jinhup@donga.com