A supporter carries presidential candidate Moon Jae-in at rally ahead of Tuesday's vote. Photo: Reuters, Kim Kyung-Hoon

Past market data suggests that South Korea’s stock market is likely to extend its rally following Tuesday’s election.

Citing market data on the bourse’s performance in the first year of office of the last six presidents, Yonhap reports that market watchers expect solid gains for the benchmark Korea Composite Stock Price Index (KOPSI) going forward.

Yonhap says local stock prices on average surged 23.18% after a new chief executive was sworn into office — though in some cases the market did backtrack in the very first month of a presidency.