KOSPI Hits Record High, Breaks 1,450

The stock price reached the 1,450 range, setting a new record in two days. The KOSPI Index was 1,451.31 at the closing bell yesterday, a 17.16 point, or 1.20 percent growth from the previous day.

The KOSDAQ Index was also up 7.37 points, or 1.06 percent to 701.49.

The aggregate market value of listed stocks reached the highest point ever at 782.2 trillion won.

This can be explained by the turn-around in investment sentiments as oil prices declined after a record-high, four-day hike and that the Dow Jones Industrial Average reached 11,342.89 at the closing bell the day before, the highest point in six years.

In particular, as it was reported that Apple Computer selected Samsung Electronics as the audio chip supplier for new iPod nano models, the price of Samsung Electronics stock soared, also driving the stock market rise.

Foreigners bought 143.4 billion won in net worth of Samsung Electronics shares alone that day.

A team leader at Daewoo Securities said, “Foreigners are leading the stock price hike,” adding, “It would be good to pay attention to shares of companies that are expected to turn around in the second quarter.”

Im-Sook Ha artemes@donga.com