With the benchmark KOSPI and over-the-counter KOSDAQ continuing their rallies on consecutive days, the country's stock market capitalization has surpassed KRW 3,000 trillion for the first time. Shown is the stock price display board on July 10 at the Korea Exchange in Seoul's Yeongdeungpo-gu District. (Yonhap News)
By Jeon Misun
The country's stock market capitalization has surpassed KRW 3,000 trillion for the first time.
The Korea Exchange on July 11 reported a market cap of KRW 3,020.77 trillion at the close of trading on the previous day.
By market, the Korea Composite Stock Price Index (KOSPI) had a market cap of KRW 2,603.74 trillion, Korea Securities Dealers Automated Quotations (KOSDAQ) KRW 413.86 trillion and Korea New Exchange KRW 3.17 trillion.
The strong stock rally was largely attributed to KOSPI's daily rally. In January, its market cap was just KRW 1,963.45 trillion but it jumped some 32% to KRW 2,600 trillion on July 10. The benchmark index also broke its record high for the second straight day.
Expectations for the Lee administration's stock market stimulus and the rising volume of listed shares are considered major factors behind the record performances of the market cap and index levels. The number of shares on the domestic market inched up 0.94% from 113.95 billion at the end of last year to 120.47 billion on July 10.
Both KOSPI and KOSDAQ closed higher for the fourth consecutive day on July 10 thanks to the government's policy of stimulating the stock market and heightened investor sentiment.
msjeon22@korea.kr
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