The Korea Composite Stock Price Index (KOSPI) is displayed on the afternoon of Oct. 15 after setting a record high on the Korea Exchange bulletin board in Seoul's Yeongdeungpo-gu District. KOSPI closed at 3,657.28, up 2.68% (95.47) from the previous day. (Yonhap News)

By Yoon Sojung

With growing expectations for the conclusion of bilateral trade negotiations with the U.S., the stock market has hit record highs daily.

The benchmark Korea Composite Stock Price Index (KOSPI) has also broken 3,650 for the first time and set marks in both intraday and closing prices.

The Korea Exchange on Oct. 15 said KOSPI closed at 3,657.28, up 95.47 points (2.68%) from the previous day. The index opened at 3,580 and rose as high as 3,659.91 during trading.

KOSPI's market capitalization soared from KRW 2,933.8 trillion on Oct. 14 to KRW 3,011.9 trillion, breaking KRW 3,000 trillion for the first time.

The intraday high on Oct. 14 hit a record 3,646.77, besting the previous mark of 3,617.86 on Oct. 10. Though falling to 3,561.81, it rebounded a day later to set yet another record.

Leading domestic news outlets including The Chosun Ilbo said KOSPI's rise was driven by forecasts of trade negotiations between Korea and the U.S. nearing the final stages.

U.S. Secretary of the Treasury Scott Bessent on Oct. 15 told CNBC in an interview said follow-up trade talks with Seoul were near completion, adding, "We are about to finish up with Korea."

Minister of Economy and Finance Koo Yoon Cheol the same day also told reporters at Dulles International Airport near Washington that bilateral negotiations were "continuing to be coordinated at a rapid pace."

Experts also said KOSPI's surge reflects the effect of Korea's latest real estate policy announced that day, saying the move raised expectations of redirecting capital flow from the property market to stocks.

The government on Sept. 16 announced its goal of "leaping toward the era of KOSPI 5,000" as one of 12 key missions among 123 national policy tasks.

arete@korea.kr