Unstoppable KOSPI Scales Another High

The Korea Composite Stock Price Index closed at just one more record on top of Tuesday powered by strong foreign buying to close up 0.68 percent at 3,220.7 points.

The previous record was set on Jan. 25 with 3,208.99 points.

On Tuesday foreign investors purchased a lot more than W320 billion worth of stocks (US$1=W1,113). The KOSPI's total market capitalization also rose to an archive W2.25 quadrillion.

Kim Ki-yong at the Korea Exchange said, "The U.S. and other major stock markets are soaring because of the rollout of vaccine programs and bettering monetary indicators. A surge in U.S. Treasury yields is stabilizing, while recovering Korean exports and expectations of strong corporate earnings resulted in an influx of foreign capital in to the stock market."

The tech-heavy Kosdaq also closed up 0.24 percent at 1,031.88 points, continuing above 1,000 points since it reached the milestone on April 12 for the very first time in over two decades.