Kospi Index Benefited from a Supplementary Budget

On Wednesday, South Korea unveiled a 35.3 trillion won ($29 billion) supplementary budget. As a result, the country plans to spend 270 trillion won to deal with the economic impact of the coronavirus pandemic. This move helped to boost the Kospi index. On June 3, the Kospi led gains among the region’s major markets. The Kospi index advanced 2.87% to close at 2,147 with shares of industry heavyweight Samsung Electronics jumped 6.03%. Moreover, stocks across Asia largely increased on Wednesday.

In Japan, the Nikkei 225 also saw gains on June 3. The Nikkei 225 added 1.29% to finish its trading day at 22,613.76. At the same time, the Topix index gained 0.72% to close at 1,599.08.

Moreover, Hong Kong’s Hang Seng index advanced 1.22% as of its final hour of trading, with shares of the Chinese tech giant Alibaba jumped 4.5%.

Interestingly, mainland Chinese stocks slightly changed on Wednesday. The Shanghai Composite slightly rose to about 2,923.37. However, the Shenzhen Component slightly fell to around 11,108.36.

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Also, Australia’s S&P/ASX 200 added 1.83% to end its trading day at 5,941.60. According to the data provided by the country’s Bureau of Statistics, Australia’s gross domestic product (GDP) fell 0.3% in seasonally adjusted terms during the March quarter.

Moreover, markets in Thailand were closed on June 3 for a holiday.

Bank stocks on Wednesday

Let’s have a look at the bank stocks. Shares of HSBC listed on the Hong Kong Stock Exchange added 2.02%. At the same time, shares of China Construction Bank gained 0.48%.

Also, Shinhan Financial Group’s stock in South Korea advanced 11.72%. In Singapore, the DBS group jumped 6.83%. Additionally, Oversea-Chinese Banking Corporation also saw gains on the day as it gained 4.05%.

In Australia, shares of Commonwealth Bank of Australia jumped 3.25%. Shares of another bank Westpac added 4.36%. Bank stocks in the Asia Pacific benefited from investor optimism.