KOSPI Surges to Another Record Breaking High

Write : 2017-10-31 15:51:06 Update : 2017-10-31 16:44:09

KOSPI Surges to Another Record Breaking High

The benchmark Korea Composite Stock Price Index(KOSPI) has smashed its previous record high set just Monday and surged 21-point-50 points or point-86 percent to close the day at two-thousand-523-point-43. 

The gain comes as Samsung Electronics announced record highs in its sales, operating profit and net earnings in the third quarter on the continued “super cycle” of memory chips characterized by strong demand and tight supply, as well as its announcement to increase its dividend payouts.

The record breaking high was also attributed to improved relations between South Korea and China, as the two sides announced Tuesday to get over their long-standing row over the deployment of the U.S. THAAD antimissile battery in South Korea. 

The tech-heavy KOSDAQ was also up, gaining four-point-52 points, or point-66 percent. It closed the day at 694-point-20. 

On the foreign exchange market, the value of the local currency strengthened four-point-two won against the U.S. dollar, closing at one-thousand-120-point-four won.

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