Big Board rally pushes KOSPI up to 563.31

Good news from New York has hit the domestic stock market. Stocks on the Korea Stock Exchange began to surge sharply as soon as the market opened Thursday owing to an overnight rally on Wall Street triggered by the U.S. Federal Reserve`s decision to cut interest rates.

Consequently, the Korea Composite Stock Price Index (KOSPI) and the over-the-counter Kosdaq index easily closed over the 560 and 74 point levels. The KOSPI jumped 23.31 points, or 4.3 percent, to finish the day at 563.31; while the Kosdaq index rose 2.71 points, or 3.8 percent, to close at 74.90. The stock price futures index for June rose 2.90 points, or 4.3 percent, to close at 70.65.

Foreign investors led the bullish market by buying up 67.15 billion won worth of stock, the second highest amount since Mar. 3, when they purchased 855.7 billion won worth of stock.

Gainers outnumbered decliners by 528 to 251. Twenty-three stocks were limit-up. Individual and institutional investors recorded net sales of 302.9 billion won and 296.2 billion won respectively.