Korean Stocks Hit New Record on Improved Growth Forecast

Despite a resurgence of coronavirus infections, the Korea Composite Stock Price Index closed at yet another record high on Thursday, its second this week alone.

The KOSPI was buoyed almost one percent to 2,625.91 points amid strong buying from retail and foreign investors on news that the economy will not fare as badly as feared this year. Only institutions cashed in recent gains.

The Bank of Korea the same day revised up its economic forecast for this year from -1.3 percent to -1.1 percent and next year from 2.8 percent to three percent.