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Seoul stocks up nearly 1 pct late Wednesday morning

All News 11:26 May 06, 2020

SEOUL, May 6 (Yonhap) -- Seoul stocks remained in positive terrain late Wednesday morning after getting off to a solid start on overnight gains on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 14.30 points, or 0.75 percent, to 1,909.67 as of 11:20 a.m.

The local stock market opened higher tracking Wall Street gains buoyed by optimism over the reopening of businesses around the globe after coronavirus lockdowns, coupled with a rebound in oil prices.

It also received a modest boost from South Korea's progress in its fight against the new coronavirus. The country reported only two new virus cases, with no local new infections identified for the third consecutive day.

Market bellwether Samsung Electronics gained 0.10 percent, and No. 2 chipmaker SK hynix rose 0.62 percent.

South Korea's No. 1 automaker, Hyundai Motor, surged 1.75 percent, while auto parts maker Hyundai Mobis advanced 0.59 percent.

However, top chemical firm LG Chem lost 0.28 percent, and the country's largest mobile carrier SK Telecom plunged 1.68 percent.

The local currency was trading at 1,222.60 won against the U.S. dollar, up 6.5 won from the previous session's close.

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