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Seoul stocks extend gains late Friday morning on economic recovery hopes

All News 11:39 July 03, 2020

SEOUL, July 3 (Yonhap) -- South Korean shares extended gains late Friday morning amid rising economic recovery hopes, helped by improvements in the U.S. jobs data.

The benchmark Korea Composite Stock Price Index (KOSPI) added 10.78 points, or 0.50 percent, to 2,146.15 as of 11:20 a.m.

Estimate-beating U.S. jobs data in June tempered concerns over the rising new coronavirus toll in the global financial markets.

The NASDAQ Composite gained 0.52 percent to close at a fresh record high of 10,207.63 on Thursday (New York time), following reports that the U.S. jobless rate in June fell to 11.1 percent, with a solid 4.8 million job increase.

The Dow Jones Industrial Average and S&P500 also advanced 0.36 percent and 0.45 percent, respectively.

In Seoul, most large caps traded higher, led by service and tech gains.

Market bellwether Samsung Electronics gained 0.95 percent, and No. 2 chipmaker SK hynix rose 0.47 percent.

Internet giant Naver climbed 0.36 percent, with its rival Kakao jumping 2.98 percent.

Top pharmaceutical firm Samsung BioLogics dipped 2.42 percent, while SK Biopharmaceuticals spiked 29.92 percent on its second day on the main bourse.

Leading chemical maker LG Chem added 1.81 percent.

The local currency was trading at 1,200.65 won against the U.S. dollar, down 0.65 won from the previous session's close.


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