April 11, 2014 11:32
The Korea Composite Stock Price Index ended above 2,000 points for the first time this year on Thursday. The KOSPI closed at 2,008.6 points, up 0.48 percent from the previous session.
The last time the KOSPI closed above 2,000 was on Dec. 30 of last year when it ended at 2,011 points, after undulating around the psychologically important mark for months.
Continued foreign buying played a major role in the KOSPI's performance. Foreign investors bought W297.3 billion worth of Korean shares on Thursday alone and around W2.8 trillion for 12 straight sessions.
Analysts welcomed the development and expressed hope that the momentum will continue. "What's more important now is whether the KOSPI can rise above 2,050," said one analyst.
The index rose above 2,000 four times during intraday trade so far this year, but a raft of selling by funds prevented it from staying above. As a result, analysts have now set the 2,050 level as the psychological Maginot line to instill confidence among investors.
In the history of the Korean stock market, the KOSPI closed above 2,000 points 32 times and went beyond 2,100 six times.
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