KOSPI Hits Record High of 2,474.76 on Thursday

Write : 2017-10-12 15:43:41 Update : 2017-10-12 18:24:26

KOSPI Hits Record High of 2,474.76 on Thursday

The benchmark Korea Composite Stock Price Index(KOSPI) closed at a record high of two-thousand-474-point-76 on Thursday, up 16-point-60 points, or zero-point-68 percent. The main bourse posted a record high for two sessions in a row and also broke the psychologically important two-thousand-460 threshold. 

The gains follow an overnight rally on Wall Street amid expectations that the U.S. Fed will announce another rate hike this year. 

On the domestic front, analysts say that South Korea's macroeconomic affairs are in good shape, with healthy export growth. Korea' largest companies, especially those in the IT sector, are expected to report strong quarterly earnings this month. 

The tech-heavy KOSDAQ also rose, adding four-point-23 points, or zero-point-64 percent, to close at 666-point-54.
 
On the foreign exchange market, the value of the local currency strengthened two won against the U.S. dollar, closing at one-thousand-133-point-two won.

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