[SEOUL] South Korean shares rebounded on Thursday, tracking a tech-led rally in Wall Street, while the government's new stimulus package added to investor sentiment. The won gained, while the benchmark bond yield fell.
The benchmark Kospi closed up 20.67 points or 0.87 per cent at 2,396.48. Market heavyweight Samsung Electronics jumped as much as 2.74 per cent to lead the gains. Wall Street's main indexes ended higher on Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory.
Shares of Kakao Games surged 30 per cent on debut, after it debuted on the junior Kosdaq at 48,000 won , double the IPO price, valuing the company at 3.5 trillion won. South Korea is preparing the fourth supplementary budget of this year of around US$6.6 billion to aid struggling small businesses facing mass closures amid unprecedented social distancing restrictions to curb a resurgence of the coronavirus.
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