Stocks in South Korea jumped over eight percent on Tuesday after the U.S. Federal Reserve’s latest stimulus measures boosted optimism over the global fight against the novel coronavirus. 

The benchmark Korea Composite Stock Price Index(KOSPI) rose 127-point-51 points, or eight-point-six percent, ending the day at one-thousand-609-point-97.

Trading on the KOSPI was temporarily halted in the morning session to cool down a buying spree. A “sidecar” was activated for five minutes from 10:05 a.m. after KOSPI 200 index futures remained more than five percent higher from Monday’s closing for one minute. 

The rebound came a day after the index triggered a sidecar on selling before closing five-point-34 percent lower. 

Other markets in Asia also jumped on Tuesday, including in Japan, Hong Kong and mainland China, boosted by the Fed's latest announcement that it would buy as much government debt as necessary to cope with market anxiety.  

Despite the major intervention, the Dow Jones Industrial Average fell three percent on Monday, amid slow bipartisan negotiations in the U.S. Congress over Washington’s relief measures. 

The tech-heavy KOSDAQ also grew, gaining 36-point-64points, or eight-point-26 percent, to close at 480-point-four. The secondary market also witnessed temporary halt in program trading from 10:02 a.m. after futures rose over six percent. 

On the foreign exchange, the local currency strengthened 16-point-nine won against the dollar, ending the session at one-thousand-249-point-six won.