KOSPI Breaks 1,800 Mark

The KOSPI index rose above 1,800 on June 18, recording a new high in 11 trading days since May 31, when it reached 1,700.

The benchmark index closed at 1,806.88, 34.62 points or 1.95 percent up from June 15.

The Kosdaq also rose by 17.50 points or 2.19 percent to 818.11, setting a five-year high dating back to April 22, 2002 (824.50).

The combined market capitalization of the two stock markets is nearing 992.65 trillion won: the KOSPI at 888.20 trillion won and the Kosdaq at 105.45 trillion won.

The rally was led by securities shares. With the expected enactment of the Capital Market Consolidation Act, investors had rosy expectations and scrambled to buy securities shares. Shares of those companies jumped by an average of 11.51 percent on June 18.

Meanwhile, the won rose against the yen to its highest level in nearly a decade. The won was exchanged at 750.87 per 100 yen, a drop of 3.8 won from last weekend. On October 8, 1997, the won traded as high as 747.94 per 100 yen.

ssoo@donga.com kimsunmi@donga.com