The main stock market index KOSPI on May 12 is shown breaking 7,900 at the dealing room of Hana Bank headquarters in Seoul's Jung-gu District. (Yonhap News)

By Lee Jihae

The nation's benchmark stock index KOSPI on May 12 reached the precipice of 8,000.

The Korea Exchange said the KOSPI opened at 7,953.41, up 1.68% from the day before, and rose as high as 7,999.67 immediately after the market opened thanks to strong buying pressure.

The secondary market KOSDAQ also continued its growth trend, opening at 1,215.95, up 8.61 points.

The day before, the KOSPI closed at 7,822.24 to set a record high for the fifth straight trading day.

The market cap reached KRW 7,088 trillion to surpass the KRW 7,000 trillion milestone for the first time, a feat that came just eight days after the figure eclipsed KRW 6,000 trillion.

The domestic stock market has seen the world's fastest growth this year, with its market cap soaring 78%. It overtook in the global rankings the U.K.'s last month and Canada's this month to claim sixth place.

jihlee08@korea.kr