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Seoul stocks extend gains late Thur. morning on recovery hopes

All News 11:40 June 04, 2020

SEOUL, June 4 (Yonhap) -- South Korean stocks extended gains late Thursday morning on hopes of an economic recovery amid the government's push for a third supplementary budget that will mark the largest in the country's history.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.83 points, or 0.64 percent, to 2,160.83 as of 11:20 a.m.

Investor sentiment stayed high, buoyed by the country's 35.3 trillion-won (US$29 billion) extra budget bill that was drafted to revive the economy amid the fallout from the new coronavirus.

The better-than-expected U.S. private jobless rate also fanned the optimism. U.S. private payrolls showed 2.76 million job losses in May, significantly fewer than the 9.3 million forecast by local economists.

"The economy-sensitive shares are expected to go up, following overnight gains on the Wall Street," said Kiwoom Securities analyst Seo Sang-young.

"We're seeing positive signs in the market, including the improved economic indices in China and the U.S., and the optimism over the ECB's potential expansion of asset buying," he added.

Most large caps traded higher.

Market bellwether Samsung Electronics gained 2.2 percent, while No. 2 chipmaker SK hynix slipped 0.11 percent.

Top pharmaceutical firm Samsung BioLogics spiked 4.31 percent, with leading chemical maker LG Chem advancing 3.37 percent.

The local currency was trading at 1,217.55 won against the U.S. dollar, down 0.75 won from the previous session's close.


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