Kospi rebounds 6.1% as Treasury doubles planned debt purchases

Samsung jumps 9.7%, SK Hynix surges 14.1% on buyback plan

HONG KONG — Asian shares advanced Thursday, tracking Wall Street gains, with South Korea’s benchmark Kospi jumping more than 6%.

U.S. futures edged higher after the U.S. Treasury Department said it would at least double the size of planned purchases of longer-term government debt. The purchases would push bond prices higher, helping to bring down yields and easing pressure on share prices emanating from the bond market, the Associated Press reported.

The Kospi surged 6.1% to 6,858.91, a day after sinking 5.8% on Wednesday on renewed selling of shares related to artificial intelligence.

Samsung Electronics jumped 9.7%, while memory chipmaker SK Hynix surged 14.1% after the company announced a significant share buyback plan.

Japan’s Nikkei 225 gained 1.3% to 66,178.26, reversing declines earlier in the week. Japan reported a trade deficit for a third straight month in July, as both imports and exports hit record highs.