South Korea’s Stock Market Hits Historic Peak

(MENAFN) South Korea’s equity market on Wednesday reached an unprecedented level, marking a milestone 100 days after Lee Jae Myung assumed the presidency on June 3.

The primary Korea Composite Stock Price Index (KOSPI) climbed to 3,317.77 points during trading hours, surpassing its earlier record of 3,316.08 set on June 25, 2021, according to a news agency.

By the closing bell, the index stood at 3,314.53, a gain of 1.67%, overtaking the prior benchmark of 3,305.21 recorded on July 6, 2021.

This remarkable surge was largely fueled by overseas investors, who carried out a massive purchasing wave worth 1.37 trillion won ($986 million).

From June 4, the date of Lee’s inauguration, through Wednesday, foreign investors acquired 10.16 trillion won ($7.3 billion) on the Kospi.

Previously, Lee had vowed to usher in a “Kospi 5,000” era and promised to abolish the “Korea discount,” a term referring to the undervaluation of domestic firms listed in the market.

Since the beginning of the Lee administration on June 4, the Kospi index has risen 22.8%, marking the steepest growth witnessed under any recent government within a similar timeframe.

Elsewhere in Asia, Japan’s Nikkei 225 index also wrapped up trading with a new record at 43,837, an increase of nearly 0.9%.

Meanwhile, China’s Shanghai Composite finished higher at 3,812.22 points, up 0.13%, while Hong Kong’s Hang Seng gained 1.01%, closing at 26,200.26.

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