The combined market capitalization of the KOSPI and KOSDAQ reached 6,876.69 trillion won (approximately $4.66 trillion) while Taiwan's TAIEX index was valued at 135.86 trillion Taiwan dollars (about $4.33 trillion)
‘Near 8,000’ Kospi Hits Another Intraday Record High – The benchmark KOSPI index is displayed on an electronic board at the dealing room of Hana Bank in Jung-gu, Seoul, on May 12. The index opened at 7,953.41, up 131.17 points, or 1.68 percent, from the previous session and has remained in the 7,900 range. (Photocourtesy of Hana Bank)
South Korea’s benchmark KOSPI index climbed above the 7,900 mark on May 12 and moved closer to the 8,000 threshold, as the country’s stock market overtook Taiwan to become the sixth-largest in the world by market capitalization.
The KOSPI opened at 7,953.41, up 131.17 points, or 1.68 percent, from the previous session’s close of 7,822.24, surpassing the 7,900 level for the first time ever during intraday trading.
The index at one point rose as high as 7,999.67, coming within touching distance of 8,000, before moving sideways in the 7,900 range as of 9:22 a.m.
Meanwhile, the KOSDAQ index opened at 1,215.95, up 8.61 points, or 0.71 percent, from the previous session.
According to Bloomberg data, the KOSPI’s market capitalization stood at 6,216.22 trillion won, equivalent to about $4.22 trillion, while the KOSDAQ was valued at 660.47 trillion won, or about $448.3 billion, as of the previous trading day.
The combined market capitalization of the KOSPI and KOSDAQ reached 6,876.69 trillion won, or approximately $4.66 trillion.
In comparison, Taiwan's TAIEX index was valued at 135.86 trillion Taiwan dollars, equivalent to about $4.33 trillion.
South Korea’s stock market capitalization has now surpassed Taiwan’s, making it the world’s sixth largest. The total market value of the KOSPI and KOSDAQ has surged by 78 percent since the beginning of the year, far outpacing the 46 percent growth seen in the TAIEX.
South Korea’s market cap previously surpassed the United Kingdom on April 27 and moved ahead of Canada on May 7.
The rally has been driven largely by soaring shares of Samsung Electronics and SK hynix amid a semiconductor “super cycle,” helping push the KOSPI up 86 percent so far this year.
Yoon Young-sil
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