South Korea: Stocks rally as investors bet on more China stimulus
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[SEOUL] South Korean shares rallied on Tuesday on increasing bets that China would roll out more stimulus measures to counter the economic fallout from coronavirus.
The Seoul stock market's main KOSPI ended up 39.02 points, or 1.84 per cent, at 2,157.90, posting its steepest daily gain since Jan 9, 2019.
China is likely to come up with additional measures to provide liquidity and boost consumption, after it injected a total of US$242.74 billion on Monday and Tuesday, said Seo Sang-young, an analyst at Kiwoom Securities.
China's central bank said on Tuesday its huge liquidity injections through open market operations this week showed its determination to stabilise financial market expectations and restore market confidence.
Foreigners were net buyers of US$410.06 million worth of shares on the main board.
The KOSPI has fallen 1.81 per cent so far this year, and lost 2.3 per cent in the previous 30 trading sessions.
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The trading volume during the session in the KOSPI index was 616.27 million shares and, of the total traded issues of 906, the number of advancing shares was 668.
REUTERS
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