[Asia Economy Reporter Lee Seon-ae] The KOSPI index hit an intraday all-time high for the first time in five months. It is the first time the KOSPI has surpassed the 3270 level.
As of 10:40 a.m. on the 16th, the KOSPI stood at 3,272.77, up 0.43% from the previous day. Early in the session, it surged to 3,277.93, surpassing the intraday record of 3,266.81 set on January 11. Having set closing price records over the past two days, the KOSPI continued its upward trend for five consecutive trading days.
The rise in the KOSPI immediately after the market opened was driven by individual and foreign investors. Only institutions were net sellers, and right after the KOSPI hit its all-time high, individual investors began to take profits, turning to net selling. Foreign investors maintained a buying advantage throughout the morning session.
On the 14th, the KOSPI closed at 3,252.13, up 0.09% from the previous day, setting a closing price record. On the 15th, it closed at 3,258.63, up 0.20%, breaking the closing price record for the second consecutive day.
Jung Yong-taek, Head of Research at IBK Investment & Securities, explained, "Since last week, U.S. market interest rates have stabilized, bringing growth stocks into the spotlight. Optimistic outlooks surrounding the June Federal Open Market Committee (FOMC) regular meeting helped the Korean stock market break new highs."
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