The South Korean stock market opened on an upward trend Wednesday, hitting its highest point so far this year on the day that newly elected President Lee Jae-myung was sworn in.

The benchmark Korea Composite Stock Price Index(KOSPI) started the day’s trading at two-thousand-737-point-92, up over one-point-four percent from closing the day before.

The main bourse began trading above the previous high of two-thousand-720-point-65 from last Thursday, breaking the two-thousand-760 mark during the morning hours.

Foreign investors’ and institutions’ net purchases led the gains amid net sales by individual investors, likely reflecting market anticipation over Lee’s pledge to optimize conditions so the KOSPI can reach the five-thousand mark.

The tech-heavy KOSDAQ rose one-point-19 percent to begin Wednesday at 749-point-13.

The South Korean won, meanwhile, weakened against the U.S. dollar, with the exchange rate starting the day one-point-nine won higher at one-thousand-375 won per dollar.