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Seoul stocks extend gains late Monday morning on recovery hopes

All News 11:38 July 13, 2020

SEOUL, July 13 (Yonhap) -- South Korean shares extended gains late Monday morning on hopes for an economic rebound despite a global hike in new coronavirus infections.

The benchmark Korea Composite Stock Price Index (KOSPI) added 29.08 points, or 1.35 percent, to 2,179.33 as of 11:20 a.m.

The gains were mainly attributed to investor optimism over a quick recovery despite rising COVID-19 cases.

South Korea's exports fell 1.7 percent on-year in the first 10 days of July, but a slower rate of decline signaled a recovery in outbound shipments.

Exports of memory chips, a key item, rose 7.7 percent and those of automobiles gained 7.3 percent over the 10-day period from a year earlier.

This week, South Korea is also set to release details of the New Deal stimulus package, aimed at creating jobs and supporting the pandemic-hit economy.

South Korea added 62 cases Monday, raising the total caseload to 13,479. Imported cases increased by the largest number in nearly four months.

New daily cases in the United States topped 66,000 cases on Sunday (U.S. time). Heavily populated Florida added more than 15,000 new cases, marking the largest single-day increase in COVID cases.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics rose 1.52 percent, with No. 2 chipmaker SK hynix edging up 0.12 percent.

Top pharmaceutical firm Samsung BioLogics climbed 0.27 percent, and leading chemical maker LG Chem added 1.32 percent.

The country's largest automaker, Hyundai Motor, jumped 2.24 percent. Leading steelmaker POSCO gained 2.2 percent.

The local currency was trading at 1,199.85 won against the U.S. dollar, up 4.65 won from the previous session's close.


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