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[Monitor] Kospi nears 2,400, buoyed by retail investors

Seoul’s main bourse Kospi broke its daily record for the four consecutive day from Tuesday through Friday last week, raising expectations it may exceed the 2,400-point mark soon.

According to data by Korea Exchange, the benchmark index on Friday closed at 2,351.67, rising 9.06 points, or 0.39 percent, from the previous day.

The closing price marked the highest in one year and 10 months. On Aug. 27 2018, the index stood at 2,355.43.

During Friday’s trading, the Kospi even reached 2,362.24, replacing its daily peak for four straight days since Tuesday.

In August, the index soared 4.5 percent, raising expectations of breaking the 2,400 mark, largely buoyed by retail investors’ active purchases.

Retail investors have purchased shares worth 36.2 trillion won ($30.4 billion) this year. Since the COVID-19 outbreak, from March 19 through Aug. 7, they bought shares worth 18.4 trillion won.