South Korean stocks closed at a record high on Thursday after President Lee Jae Myung said he would not press for a capital gains tax increase, a proposal that had hit investor sentiment when it was announced this year.
The Kospi benchmark rose 0.9 per cent on Thursday and topped a record set a day earlier. The stock index is Asia’s best performer in the year to date, up more than 38 per cent.
The rally came after Lee said he would let the country’s legislature decide whether to move forward with a plan he proposed in July to expand the pool of investors subject to capital gains tax. The gains also come as the leftwing government is pursuing policies aimed at improving stock valuations.
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