South Korea’s secondary stock market on Wednesday rallied to an almost five-year high, with its total market capitalization surging to an all-time high, fueled by expectations for upward momentum following the government’s policy pledge to support smaller companies.

The tech-laden KOSDAQ soared 10 points, or 1.7 percent, to end at 563.81, the highest since July 1, 2008, according to the data by the Korea Exchange.

The Wednesday rally pushed up its total market cap to a record 126.4 trillion won ($112.9 billion), compared with the previous high of 124.7 trillion-won tallied on April 3 this year, the bourse operator said. The index has jumped 13.6 percent since Jan. 2.

In the meantime, the benchmark Korea Composite Stock Price Index closed 0.87 percent higher due to the improved economic outlook for the United States and the eurozone, analysts said. The local currency gained against the U.S. dollar. KOSPI added 16.68 points to finish at 1,935.31. Trading volume was moderate at

334.7 million shares worth 4.3 trillion won ($3.9 billion) with gainers outnumbering decliners 626 to 195. (Yonhap News)