With South Korea's main bourse, the Korea Composite Stock Price Index(KOSPI), surpassing the historical three-thousand-point mark, the volatility index of the KOSPI 200, or VKOSPI, hit a seven-month high.

According to the Korea Exchange on Tuesday, the VKOSPI ended Monday's trading at 35-point-65, up 22-point-17 percent from the previous trading day.

That is the highest since posting 37-point-three on June 18 last year, amid rising concerns worldwide over a new wave of the COVID-19 pandemic.

The VKOSPI usually tends to rise when stocks plunge, but the latest surge comes amid the main bourse's continued rally.

Since posting 22-point-09 on December 30, the VKOSPI jumped 61-point-39 percent over the following six trading days until January 11. During the same period, the KOSPI surged 274-point-98 points, or nine-point-six percent.

Analysts say the unusual trend likely reflects the current unprecedented steep KOSPI rally.