Seoul: Shares rise as global stimulus efforts outweigh oil price plunge

[SEOUL] South Korean shares gained on Wednesday, snapping a two-day losing streak, as global stimulus efforts outweighed investors' worries of a plunge in oil prices. 

The Seoul stock market's main KOSPI closed up 16.77 points, or 0.89 per cent, at 1,896.15. The index has fallen 13.72 per cent so far this year.

Foreigners were net sellers of US$30.02 million worth of shares on the main board.

Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.

Meanwhile, South Korea is preparing for a third supplementary budget and a US$32.45 billion fund to sharply increase subsidies to keep more Koreans in jobs and help businesses stay afloat through the course of the coronavirus outbreak.

REUTERS