SEOUL, KOREA - The KOSDAQ composite index has hit a record high in 4 years and 9 months. The market capitalization has also risen to a record level at 126.4 trillion won.
According to the Korea Exchange on April 24, the KOSDAQ index closed at 563.81, up 9.44 points (+1.70%), hitting a record high since July 1, 2008 when the index was 580.77. The index has grown 13.6 percent since the end of last year. Its market value has also increased to 126.4 trillion won, breaking the April 3 record of 124.7 trillion won.
The main reason behind KOSDAQ's strength has to do with the calming of the "Celltrion effect" and the ensuing recovery of investor confidence. Earlier on April 16, the share price of Celltrion Inc., a biopharmaceutical company whose KOSDAQ-listed shares have been a favorite of individual investors, has plummeted 46.5 percent following news that its president Seo Jung-jin would sell a controlling stake in his company. For the past two days, the share price of KOSDAQ's No. 1 market cap company has gained 26.1 percent.
The KOSDAQ composite index was 500.18 (with market cap of 106 trillion won) at the end of 2011. It declined to 496.32 (market cap of 109 trillion won) in last year's end and has since continued an upward momentum until now.
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