KOSPI's daily turnover tops $26.4 bil. for 1st time amid stock rally

Average daily transactions in Korea's benchmark index surpassed 40 trillion won ($26.4 billion) for the first time this month amid a record-breaking market rally, bourse data showed Monday. The daily turnover of the Korea Composite Stock Price Index (KOSPI) averaged 48.05 trillion won during the first 22 days of May, according to the data from the Korea Exchange (KRX). The figure marked the highest monthly average on record, surpassing the previous high of 32.23 trillion won set in February. The increase came as the KOSPI extended its rally to record highs this month. The index topped the 7,000-point mark for the first time on May 6 and briefly surpassed 8,000 during intraday trading on May 15. After volatile trading, the KOSPI closed at 7,847.71 on Friday, up 19 percent from the end of April. Heavy buying of market bellwethers, including Samsung Electronics and SK hynix, drove the surge in turnover. Combined daily trading value for Samsung Electronics and SK hynix averaged 20.57 trillion won over the cited period, accounting for 43 percent of the KOSPI's total daily turnover. "Despite conc

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