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Seoul stocks up late Tue. morning on economic recovery hopes

All News 11:39 May 26, 2020

SEOUL, May 26 (Yonhap) -- South Korean shares extended gains late Tuesday morning on hopes of an economic recovery that added liquidity to the pandemic-hit stock market.

The benchmark Korea Composite Stock Price Index (KOSPI) surged 23.82 points, or 1.19 percent, to 2,018.42 as of 11:20 a.m.

The index got off to a strong start, aided by optimism prompted by major global economies rolling back their lockdowns and pushing for stimulus measures to minimize the fallout from the COVID-19 pandemic.

"Hopes of economic reopening are invigorating the stock market, leading to a rise in the stock market investment," said Samsung Securities analyst Seo Jeong-hoon.

"Major economies, including South Korea, are making economic reopening efforts, driving investors to seek opportunities in slumping sectors, such as the airline, manufacturing and export industries," he added.

Large caps were mostly in positive terrain.

Market kingpin Samsung Electronics added 0.51 percent, while No. 2 chipmaker SK hynix slipped 0.12 percent.

Top automaker Hyundai Motor soared 1.67 percent, and its smaller affiliate Kia Motors advanced 2.8 percent.

Internet portal giant Naver shed 0.83 percent, while its local rival Kakao spiked 0.56 percent.

Pharmaceutical industry leader Samsung BioLogics climbed 1.58 percent, while Celltrion stayed flat.

The local currency was trading at 1,237.25 won per dollar, up 6.95 won from the previous session's close.


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