May 2nd, according to "Financial Times" report, South Korea's local time on Tuesday, with Samsung Electronics' share price hitting a record high, South Korea's comprehensive stock index KOSPI is expected to break the record high. At the close on Tuesday at noon local time, the Korean Composite Stock Index KOSPI rose by 1% and will challenge the highest historical record of 2,218.96 points that the index set on May 2, 2011. In the intraday trading on Tuesday morning, the Kospi index rose 1.1% to 2,229.74 points.
Including the gains this morning, the Kospi index has risen by 9.7% this year, making the Korean stock market one of the best performing stock markets in Asia since 2017, following India, Singapore and Hong Kong.
The rise in the Kospi Index is largely due to the performance of Samsung Electronics. The company's weight in the index is over 20%, and its share price has risen by 25% this year.
In trading on Tuesday, as of the close of noon, Samsung Electronics shares rose 0.9% to 2.25 million won per share, a record high. Last week, benefiting from rising prices for memory chips and flat panel displays, the company’s operating profit in the first quarter hit a record high for three years, while rejecting calls by radical investors to split them into a holding company and an operating company.
According to Bloomberg News, Samsung Electronics is the 12th largest listed company in the world with a market value of US$274.9 billion.
Samsung may be the most important stock in the South Korean index, but today's performance is not the best. The best-performing stocks were Chinhung International, a Korean highway construction and construction developer. The company went public in early February of this year, and the cumulative increase was as high as 65.3%.
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