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Seoul stocks extend gains late Monday morning

All News 11:36 April 06, 2020

SEOUL, April 6 (Yonhap) -- South Korean stocks extended gains late Monday morning amid hopes of potential treatment for the new coronavirus that has infected more than 1.2 million people around the world.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 37.65 points, or 2.18 percent, to 1,763.09 as of 11:15 a.m.

Seo Sang-young, a researcher at Kiwoom Securities Co., said the main index received a boost amid positive news about the use of Gilead Sciences' remdesivir against COVID-19.

Daniel O'Day, chairman and CEO of Gilead Sciences, said Saturday that multiple clinical trials for remdesivir are under way, involving thousands of patients with COVID-19 across the world.

He said that remdesivir, which is still an investigational medicine, may have the potential to treat the novel coronavirus.

In South Korea, the novel coronavirus has killed 186 people, mostly elderly patients with underlying illnesses. Its virus cases topped 10,000.

In Seoul, most large-cap stocks rose across the board.

Market bellwether Samsung Electronics Co. rose 1.70 percent, No. 2 chipmaker SK hynix Inc. was up 2.26 percent and top carmaker Hyundai Motor Co. gained 0.70 percent.

The local currency was trading at 1,235.45 won against the U.S. dollar, down 4.55 won from the previous session's close.


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