The Seoul Stock Exchange rises strongly after knowing the stimulus plan of the Government



The Seoul Stock Exchange rose sharply on Wednesday after knowing the stimulus package that the South Korean government wants to approve this week and after the surprise drop in rates in the US, according to local analysts.

The Kospi rose today 45.18 points, 2.24%, to 2,059.33 integers, while the Kosdaq technological index advanced 2.38% or 14.91 points, to 641.73 integers.

Foreign investors today opted for purchases after eight consecutive days as sellers and were the main bellows for the rise of Kospi, which already adds up to three consecutive days.

They were encouraged by the extraordinary budget proposed by the South Korean government to combat the ravages of the coronavirus, which has infected more than 5,300 people in South Korea, where it has also caused 33 deaths to date.

The game, valued at 11.7 billion won (about 8,824 million euros / 9,820 million dollars) and will be processed tomorrow in Parliament, is the largest extra budget compiled in the country's history.

In turn, he also encouraged purchases, hoping that, after the decline in the benchmark announced by surprise on Tuesday in the US, the Bank of Korea (BoK) will do the same in the Asian country.

Against this background, Samsung Electronics, the benchmark in South Korean parquet, advanced 3.61% today, while the world's second microchip manufacturer, SK Hynix, rose 1.62%.

The largest South Korean car manufacturer, Hyundai Motor, increased 0.44% while its subsidiary Kia Motors improved its price by 2.44% and its auto parts subsidiary Hyundai Mobis climbed 2.2%.

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