Korea's main stock price index closed above the 2,000-point level for the first time Wednesday.

The benchmark Korea Composite Stock Price Index rose 11.95 points to 2,004.22, as investor sentiment was buoyed by news that Moddy’s Investors Service upgraded Korea’s sovereign credit rating one notch to A-2.

The day’s close set a new milestone in the Korean stock market, ending the chronic undervaluation of Korean equities.

With the main index over 2,000, the total value of the Korean stock market has now surpassed the 1,000 trillion won mark, moving a step closer to advanced equity markets overseas.

The tech-heavy Kosdaq index also rebounded, closing up 6.13 points at 819.6.

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