Seoul: South Korean stocks reached another milestone Monday, closing at over 4,900 points for the first time in history. The Korea Composite Stock Price Index (KOSPI) jumped 63.92 points, or 1.32 percent, to finish at 4,904.66, renewing the previous record close of 4,840.74 set the previous session.

According to Yonhap News Agency, the index initially opened lower amid renewed trade tensions, following U.S. President Donald Trump's threat to impose an additional 10 percent tariff on eight European countries opposing his plans to acquire Greenland. However, the KOSPI soon reversed course and touched an all-time intraday high of 4,917.37 points.

The index has now been on a steady rise for 12 consecutive sessions. It has also more than doubled in just about a year from 2,398.94 at the beginning of last year. In just 12 trading sessions since the start of this year, the KOSPI has risen more than 16 percent. Last year, the KOSPI surged more than 75 percent.