Seoul: Shares end 1% higher on oil rebound, US stimulus hopes
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[SEOUL] South Korean shares ended nearly 1 per cent higher on Thursday as a rebound in oil prices and hopes of a US stimulus package boosted investor sentiment and overshadowed grim economic data released by the country's central bank.
The Seoul stock market's main KOSPI closed up 18.58 points, or 0.98 per cent, to 1,914.73. It has fallen 12.87 per cent so far this year.
Foreigners were net sellers of US$28.66 million worth of shares on the main board.
Oil extended gains on Thursday amid signs that producers are cutting production to cope with a collapse in demand for fuel as the coronavirus outbreak ravages the world's economies.
The US House of Representatives expects to pass a nearly US$500 billion coronavirus relief bill on Thursday, which will provide funds to small businesses and hospitals struggling with the economic toll of the pandemic.
REUTERS
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