South Korea’s Stock Market Hits All-Time High
(MENAFN) South Korea’s stock market achieved a historic milestone on Wednesday, reaching a record high exactly 100 days after Lee Jae Myung assumed office as president on June 3. The Korea Composite Stock Price Index (KOSPI) surged to 3,317.77 points, surpassing its previous peak of 3,316.08 on June 25, 2021, according to media.
The index closed at 3,314.53, marking a 1.67% increase and surpassing its earlier record of 3,305.21, set on July 6, 2021. The major rally was largely driven by foreign investors, who poured 1.37 trillion won ($986 million) into the market on the day.
Since Lee’s inauguration on June 4, offshore investors have accumulated a total of 10.16 trillion won ($7.3 billion) in KOSPI shares. This surge reflects confidence in Lee’s promises, including his goal to reach a “Kospi 5,000” era and eliminate the so-called “Korea discount” — the lower-than-average valuation of South Korean companies compared to their global peers.
Under Lee's administration, the KOSPI has climbed by 22.8%, marking the sharpest growth for any recent government over a comparable period.
Meanwhile, other Asian markets also saw gains, with Japan's Nikkei 225 closing at a record 43,837 points, up nearly 0.9%. China's Shanghai Composite rose by 0.13% to 3,812.22 points, and Hong Kong's Hang Seng saw an increase of 1.01%, closing at 26,200.26 points.
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