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Seoul stocks up late Thursday morning on hopes of recovery

All News 11:28 May 21, 2020

SEOUL, May 21 (Yonhap) -- South Korean stocks were up slightly late Thursday morning after getting off to a firm start on overnight gains on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) added 4.19 points, or 0.21 percent, to 1,993.83 as of 11:20 a.m.

Hopes of a quick recovery sparked a U.S. stock market rally overnight, with virus-related restrictions removed or at least partially eased in all 50 states of the world's largest economy as of Wednesday.

"Hopes of an economic recovery in the second half were heightened as the U.S. and Europe are resuming their economic activities. Such hopes led major global stock markets, including the New York stock market, to close high," said Kim Hoon-gil, an analyst at Hana Financial Investment.

In Seoul, large caps were mixed.

Market kingpin Samsung Electronics slipped 0.1 percent, and No. 2 chipmaker SK hynix shed 0.83 percent.

Top chemical maker LG Chem spiked 4.14 percent, while leading automaker Hyundai Motor lost 0.41 percent.

The local currency was trading at 1,232.35 won against the U.S. dollar, down 2.05 won from the previous session's close.


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