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Seoul stocks up late Monday morning on hopes of global stimulus measures

All News 11:29 May 18, 2020

SEOUL, May 18 (Yonhap) -- South Korean stocks trimmed earlier losses to trade higher late Monday morning as investors banked on stimulus measures around the globe.

The benchmark Korea Composite Stock Price Index (KOSPI) added 8.95 points, or 0.46 percent, to trade at 1,936.23 as of 11:20 a.m.

The index got off to a weak start amid fears of a renewed trade row between the United States and China, prompted by U.S. sanctions on China's tech giant Huawei.

Investors were apparently aided by hopes of global stimulus measures, according to Oh Chang-seop, an economist at Hyundai Motor Securities.

"In the case of the U.S., President Donald Trump is pushing for the so-called 'new deal' ahead of the presidential election that combines massive investment on social infrastructure programs with a minus interest rate," Oh said.

"Also, many other countries, including China, Europe and South Korea, have announced massive investment programs to help boost the economy," the economist added.

In Seoul, large caps traded mixed.

Market kingpin Samsung Electronics spiked 1.57 percent, but No. 2 chipmaker plunged 0.99 percent.

Top automaker Hyundai Motor lost 0.87 percent while its smaller affiliate, Kia Motors, slipped 0.17 percent.

Most pharmaceuticals were in positive terrain, with industry leader Samsung BioLogics soaring 1.82 percent and Celltrion adding 0.69 percent.

The local currency traded at 1,229.95 won against the U.S. dollar, up 1.05 won from the previous session's close.

bdk@yna.co.kr
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