South Korea's benchmark stock index hit an all-time high for the third straight day. 

The Korea Composite Stock Price Index(KOSPI) rose 20-point-05 points, or zero-point-62 percent on Wednesday, closing the day at three-thousand-278-point-68. 

The KOSPI at one time during the day exceeded three-thousand-281 points, surpassing the previous intraday high of three-thousand-266-point-23 points recorded in January.

The tech-heavy KOSDAQ also gained more than 60 points over the last five sessions since Thursday.

The bullish KOSPI is in stark contrast to other global indexes such as the Dow Jones Industrial Average, S&P 500 and the Nasdaq which all fell on Tuesday ahead of the Federal Reserve's Open Market Committee meeting.

A researcher at Daishin Securities attributed the rise to improved investor sentiment regarding Korean exports and corporate profits amid an expansion in U.S. manufacturing and industrial output.

On Wednesday, foreigners net purchased 233 billion won of Korean shares and institutions 44 billion won, while retail investors offloaded a net 282 billion won.