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Seoul stocks extend gains late Tue. morning on signs of economic rebound

All News 11:30 August 04, 2020

SEOUL, Aug. 4 (Yonhap) -- South Korean shares extended gains late Tuesday morning, as signs of economic recovery helped boost investor sentiment.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.61 points, or 1.36 percent, to 2,281.65 as of 11:20 a.m.

Estimate-beating July manufacturing data in the United States, China and Europe raised hopes for a global economic rebound, despite the resurgence of the new coronavirus outbreaks.

Large-cap gains kept the market bullish, with the benchmark index briefly touching the year's high of 2,284.66 points.

Market bellwether Samsung Electronics added 1.58 percent, with No. 2 chipmaker SK hynix edging up 0.12 percent.

Top pharmaceutical firm Samsung Biologics gained 1.09 percent, and Celltrion advanced 1.34 percent.

Leading chemical maker LG Chem rose 1.73 percent, and giant automaker Hyundai Motor jumped 3.54 percent.

Internet giant Naver dipped 0.95 percent, while its rival Kakao added 0.27 percent.

The local currency was trading at 1,192.90 won against the U.S. dollar, up 0.50 won from the previous session's close.


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