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KOSPI Soars on Counter-Virus Hopes

Write: 2020-03-25 15:42:29Update: 2020-03-25 16:42:33

KOSPI Soars on Counter-Virus Hopes

Photo : YONHAP News

Shares in South Korea soared nearly six percent on Wednesday following an overnight stock rally in the U.S.

The benchmark Korea Composite Stock Price Index(KOSPI) rose 94-point-79 points, or five-point-89 percent, ending the day at one-thousand-704-point-76.

The Dow Jones Industrial Average jumped 11-point-37 percent on Tuesday, its biggest daily gain since 1933, amid growing optimism that the Trump administration’s stimulus package will pass Congress. 

It is the second consecutive day the South Korean index headed upward, following an uptick of eight-point-six percent on Tuesday buoyed by the U.S. Fed’s announcement of its debt-buying programs as well as counter-virus relief measures by South Korean authorities.

The tech-heavy KOSDAQ also grew, gaining 25-point-28 points, or five-point-26 percent, to close at 505-point-68.

On the foreign exchange, the local currency strengthened 19-point-seven won against the dollar, ending the session at one-thousand-229-point-six won.

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