ISTANBUL
South Korea’s stock market on Wednesday witnessed a record high after 100 days of Lee Jae Myung’s election into the country’s presidential office on June 3.
The benchmark Korea Composite Stock Price Index (KOSPI) hit 3,317.77 points during the day, surpassing its previous record of 3,316.08 seen on June 25, 2021, according to The Korea Herald.
The index closed at 3,314.53, up 1.67%, exceeding the previous record of 3,305.21 set on July 6, 2021.
Wednesday’s surge was mostly caused by foreign investors’ 1.37 trillion won ($986 million) buying spree.
Offshore investors have bought 10.16 trillion won ($7.3 billion) on the Kospi from June 4, Lee’s inauguration date, to Wednesday.
Earlier, Lee had pledged to usher in a “Kospi 5,000” era and vowed to eliminate the “Korea discount,” referring to the relatively low valuation of companies listed here.
Following the inauguration of the Lee administration on June 4, the Kospi index rose 22.8%, marking the sharpest increase observed under any recent administration over a similar time period.
Japan’s Nikkei 225 stock index also closed with a record high of 43,837, up nearly 0.9%.
China’s Shanghai Composite closed higher with 3,812.22 points, up 0.13%.
Hong Kong’s Hang Seng was up 1.01%, with 26,200.26.