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KOSPI to hit record high this year: brokerages

South Korea's benchmark stock index is expected to reach an all-time high this year, propelled by ample liquidity around the globe and other favorable conditions, securities companies said Sunday.
  
The local stock market could undergo a temporary correction during the first half of this year, but will likely stage an overall bull run in the second half, they said.
  
According to a survey of industry leader Samsung Securities Co. and nine other brokerages, the Korea Composite Stock Price Index is projected to range from 2,150 to 2,250 this year.
  
Of them, three brokerages have predicted the KOSPI to rise to a record high of 2,250 this year.
  
The securities companies cited ample liquidity worldwide, low interest rates and improved corporate earnings.
  
"It is clear that a liquidity-driven rally has been under way," said Cho Yun-nam, top researcher at Daishin Securities Co. "There is a high possibility of the KOSPI rising further down the road, though it could go through a correction in the short haul."
  
On Friday, the KOSPI closed at 2,087.76, up 2.07 percent from the previous week and the highest level since August 2011.
  
The index started off on a positive note last week as Samsung Electronics announced its first-quarter earnings estimate that beat market expectations on strong chip sales. Refiners and chemical firms benefited from a sharp surge in oil prices on eased concerns over a global supply glut. (Yonhap)

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