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Seoul stocks trade higher late Friday morning

All News 11:34 May 08, 2020

SEOUL, May 8 (Yonhap) -- Seoul stocks continued to trade higher late Friday morning after getting off to a solid start buoyed by less than pessimistic data from the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) added 24.16 points, or 1.25 percent, to 1,952.77 as of 11:20 a.m.

Wall Street gathered ground overnight on better-than-expected jobless data from the United States. Some 3.16 million Americans had applied for unemployment benefits last week, down 677,000 from a week earlier.

Optimism over the upcoming resumption of businesses in major economies, including the U.S., after coronavirus lockdowns also induced investors to scoop up local shares.

In Seoul, major blue chips gathered ground.

Top market cap Samsung Electronics moved up 0.82 percent, and No. 2 chipmaker SK hynix added 2.67 percent. Home appliances maker LG Electronics gained 0.73 percent.

Leading carmaker Hyundai Motor rose 1.19 percent, and its smaller sister Kia Motors improved 2.76 percent. Auto parts producer Hyundai Mobis increased 2.35 percent.

Cosmetics giant AmorePacific added 1.95 percent, while top chemical firm LG Chem slipped 0.14 percent.

The local currency was trading at 1,217.05 won against the U.S. dollar, up 7.95 won from the previous session's close.

Dealers work in the dealing room of Hana Bank in central Seoul on May 8, 2020. (Yonhap)


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