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KOSPI hits record high amid global market rally

Posted October. 12, 2017 08:34,   

Updated October. 12, 2017 09:20


South Korea’s benchmark stock index hit a record high, buoyed by strong global stock market and the return of foreign buyers.

The Korea Composite Stock Price Index or KOSPI closed at 2,458.16 on Wednesday, up 1 percent from the previous day, reaching a record high in just two months and a half since July 24 when it stood at 2,451.53. The local stock market opened higher, following a strong lead from Wall Street overnight. Both the Dow Jones Industrial Average and the Nasdaq rose to record highs on third-quarter earnings expectations on Tuesday (local time).

Samsung Electronics rose 3.48 percent from the previous day to 2.73 million won, marking an all-time high. The world’s biggest memory chipmaker will announce its preliminary earnings on Friday. Analysts are forecasting that the chipmaker will record the best performance ever due to the rising prices of global semiconductor products.

Min-Ki Shin minki@donga.com