BANGKOK, March 5, (AP): Shares advanced in Asia on Thursday after a rebound on Wall Street, as South Korea’s Kospi took back much of its historic losses from a day earlier. The gains overnight in the US appeared to clear the air, at least temporarily. "Just overall, if we look at the markets globally, we are seeing a bounce-back today," said Neil Newman, managing director of Astris Advisory Japan. "It’s broadly across Asia at the moment. ... So this is a broad-based rebound and I think it does certainly indicates a positive sentiment returning.”

However, US futures fell back, with the contract for the Dow Jones Industrial Average losing 0.3%, while that for the S&P 500 edged 0.2% lower. In Seoul, the Kospi shot up 11.4% to 5,682.16 as investors hunted bargains, triggering temporary trading halts, and the government announced emergency measures for the economy after the benchmark fell by the most ever in a single day on Wednesday.

President Lee Jae Myung urged officials to activate an emergency financial package worth 100 trillion won ($68.5 billion) aimed at calming market volatility. Officials were discussing various measures to curb sharp increases in fuel prices, said Finance Minister Koo Yoon-cheol, including possible price caps. They also were monitoring for irregular market activity such as potential collusion among gas stations.

Tokyo's Nikkei 225 index gave back some early gains but was up 2.4% at 55,555.61. In Hong Kong, the Hang Seng climbed 1% to 25,474.61 after Chinese Premier Li Qiang opened the annual session of the National People's Congress with a report that set the annual target for economic growth this year to 4.5% to 5%. A draft budget put the increase in military spending at 7%, down from 7.2% in recent years.

The government pledged to support the sluggish domestic economy and spur more consumer spending, but did not announce any major new stimulus. The Shanghai Composite index gained 0.9% to 4,120.90. In Australia, the S&P/ASX 200 rose 0.4% to 8,940.30, while New Zealand's benchmark rose 0.6%. Taiwan's main share index gained 2.6%. Uncertainty about the war in the Middle East has rattled financial markets this week, with most taking their cues from what the price of oil is doing.