Stock Market Hits Record High

The Korean Composite Stock Index hit another all time high yesterday.

The market started up 8.47 and reached 2,001.52 upon the opening bell. Then, it climbed up to 2,005.02 at one point during trading.

But the “sell” forces driven by foreign investors pulled it down by 0.79 points, or 0.04%, to 1,992.26. They sold their stocks to cash in on their profits.

The KOSPI first shot through the 1,000-point mark on February 28, 2005. It rose up to 1,900 last month. The 2,000-point close was the first in its history.

Analysts paid attention to the new record, since it meant a new era in the Korean stock trading. The new high was a great advance compared with the 100-point mark the market reached in January 1980.

Some experts caution that the stock market may go down a little in the short term due to correctional moves. Generally, however, experts forecast that the affluent money stream and the global economic recovery will continue to drive up the market.

swon@donga.com