South Korea: Stocks end higher after global stimulus measures

[SEOUL] South Korean shares closed higher for a fourth straight session on Thursday, helped by global stimulus efforts to cushion the economic impact from the coronavirus.

The KOSPI ended 25.93 points higher, or 1.26 per cent, at 2,085.26.

The gains in KOSPI were driven by (news of) emergency funding from IMF, World Bank and the US House of Representatives, as well as global monetary easing, Kiwoom Securities analyst Seo Sang-young said.

But rising infections in the United States remain a risk and markets would continue to be volatile through March, Mr Seo added.

South Korea reported 438 new cases, raising the national tally to 5,766. The death toll rose to 35. However, new infections were seen slowing, raising hopes that the peak of the epidemic may be over.

Foreign investors sold net US$108.49 million worth of shares on the main board.

The trading volume was 659.95 million shares. Of the total traded issues of 904, the number of advancing shares was 710.

The KOSPI has fallen 5.11 per cent so far this year.

REUTERS