Foreigners have been leading a spectacular bull run on the Korea Composite Stock Price Index(KOSPI) as it renewed all-time high closes seven times in the past nine trading days.

The benchmark KOSPI hit a record high for the third day in a row on Thursday, closing at two-thousand-696-point-22.

Foreigners have net purchased nearly five-point-eight trillion won worth of KOSPI-listed shares since November fifth, according to the Korea Exchange. 

Foreigners have been net buyers of Korean stocks throughout the one-month period, except for only two days: November 25th and 30th. That boosted the index by more than one-thousand-200 points from a trough of one-thousand-457-point-64 points reached in March amid the early phase of the COVID-19 outbreak. 

Foreign investors’ growing interest in emerging markets amid the weakening of the dollar is seen fueling the buying spree, as well as the strengthening of the Korean won, analysts said. The won closed at one-thousand-97-point-zero against the US dollar, which is the lowest level since June 14 of 2018. 

Expectations of a COVID-19 vaccine being available soon and possible expansionary monetary and fiscal policies in major countries amid a resurgence of the pandemic are also raising hopes of a global economic recovery and boosting investor sentiment.