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Seoul stocks surge over 4 pct late Wednesday morning

All News 11:28 March 25, 2020

SEOUL, March 25 (Yonhap) -- South Korean stocks surged by more than 4 percent late Wednesday morning as investors reacted positively to stimulus measures around the globe amid the new coronavirus pandemic.

The Korean won climbed sharply against the U.S. dollar after South Korea's central bank said its bilateral currency swap with the United States is expected to take place next week.

The benchmark Korea Composite Stock Price Index (KOSPI) had jumped 70.35 points, or 4.37 percent, to 1,680.32 as of 11:20 a.m.

This photo taken on March 25, 2020, shows a currency dealing room at Hana Bank in Seoul. (Yonhap)

The index got off to a solid start, following a record rally on Wall Street. The Dow Jones Industrial Average on Tuesday skyrocketed 11.4 percent to close at 20,704.91, its biggest one-day gain since 1933, after U.S. lawmakers said they are close to passing a US$2.5 trillion stimulus package to tackle the economic fallout from COVID-19.

Analysts said investor sentiment also improved after finance ministers of the Group of Seven (G7) advanced economies vowed to restore economic growth against the novel coronavirus pandemic.

Most large-cap stocks were bullish.

Market kingpin Samsung Electronics moved up 2.77 percent, and No. 2 chipmaker SK hynix advanced 4.07 percent.

South Korea's No. 1 carmaker Hyundai Motor spiked 11.36 percent and auto parts producer Hyundai Mobis jumped 11.07 percent. The country's top steelmaker POSCO rose 6.87 percent.

However, pharmaceutical giant Celltrion fell 1.09 percent, while LG Household & Health Care dipped 2.71 percent.

The local currency was trading at 1,230.50 won against the U.S. dollar, sharply up 19.1 won from the previous session's close.


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