South Korean stocks close at record high on hope for tax-hike reversal
South Korea’s benchmark stock index closed at a record high, as optimism over domestic policy reforms and positive global tailwinds helped extend one of the world’s hottest equity rallies of the year. The Kospi jumped 1.7% to surpass its previous milestone, reached four years ago. Gains were driven by optimism that President Lee Jae Myung may scrap a previous proposal that sought to lower the threshold for the capital-gains tax on stocks. Index heavyweights Samsung Electronics Co. and SK Hynix Inc. were among the biggest boosts on Wednesday.
South Korea’s benchmark stock index closed at a record high, as optimism over domestic policy reforms and positive global tailwinds helped extend one of the world’s hottest equity rallies of the year. The Kospi jumped 1.7% to surpass its previous milestone, reached four years ago. Gains were driven by optimism that President Lee Jae Myung may scrap a previous proposal that sought to lower the threshold for the capital-gains tax on stocks. Index heavyweights Samsung Electronics Co. and SK Hynix Inc. were among the biggest boosts on Wednesday.
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