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Seoul: Shares mark best weekly gain since 2008 on stimulus hopes
[SEOUL] South Korean shares jumped on Friday to mark their best weekly gain in more than 11 years as hopes of more global stimulus against the coronavirus improved investor confidence, helping the benchmark index snap a two-week plunge.
The Seoul stock market's main KOSPI index closed up 31.49 points, or 1.87 per cent, to 1,717.73.
The KOSPI gained 9.68 per cent this week, the best weekly performance since late October 2008, after a 23.24 per cent dive over the previous two weeks.
Retail investors are rushing back to the stock market, betting on a sharp bounce, even as the country braces for a pandemic-fuelled recession.
South Korea's financial regulator said it will kick start a planned corporate bond buying programme on April 2. On Tuesday, the country doubled a planned economic package to 100 trillion won(S$117.6 billion) to rescue companies hit by the virus.