By Choi Kyong-ae
Staff Reporter

Seoul stocks Wednesday posted a new record high of 1142.99 points, breaking the 1,138.75 points recorded about 11 years ago on a rally in the U.S. stock market and an ample liquidity.

Korea Composite Stock Price Index (KOSPI) opened at 1,136.25 and reached 1,138.79 in 12 minutes to break the highest-ever 1,138.75 in 10 years and 10 months.

The benchmark index closed at 1142.99, up 20.34 points or 1.81 percent.

``It’s fair to say that the Korean stock market has finally turned from bearish to bullish after going through price corrections in the past year ended in August,’’ Lee Woo-hyun, analyst of Kyobo securities, said.

KOSPI has much room to go up further. Individuals will put more money in mutual funds, which will in turn invest it in the local bourse. The government’s anti-real estate speculation policies also added power to the upward momentum, he said.

Samsung analyst Kim Woo-jae said, ``as recent macroeconomic indicators and corporate performances are in good shape, individuals and institutions will now invest based on business results.’’

Many analysts, including Lee and Kim, forecast the KOSPI will rise up to 1,200 to 1,300 point by the end of this year thanks mainly to rising liquidity and record low interest rate which seems to go for a while, together with reviving exports and consumer spending.

``The local exchange survived unstable outside factors like soaring oil prices. It clearly shows well that it has grown mature enough to go up further,’’ Kim added.

godamon@koreatimes.co.kr