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Seoul stocks jump over 1 pct late Thur. morning amid economic recovery hopes

All News 11:35 August 06, 2020

SEOUL, Aug. 6 (Yonhap) -- South Korean shares jumped over 1 percent late Thursday morning amid ample economic rebound hopes in financial markets, bucking worries about a spike of the new coronavirus.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 24.60 points, or 1.06 percent, to 2,336.46 as of 11:20 a.m.

The market continued its bullish run, after closing at a nearly two-year high in the previous session.

Investor sentiment remained high despite nationwide downpours and concerns about the coronavirus pandemic.

Stocks lifted over rosy expectations that the U.S. stimulus package is nearing an accord, in addition to improvements in economic indexes in major economies.

Estimate-beating quarterly earnings by KOSPI heavyweights Kakao and SK Telecom also fueled market optimism that the Asia's fourth-largest economy may have passed the worst part of the COVID-19 pandemic.

Kakao retreated 1.08 percent on profit-taking, while SK Telecom advanced 0.66 percent.

Most other large caps traded higher.

Market bellwether Samsung Electronics added 1.41 percent, with No. 2 chipmaker SK hynix climbing 0.37 percent.

Leading chemical maker LG Chem hiked 1.19 percent, and top steelmaker POSCO leaped 3.09 percent.

Hyundai Motor, the country's largest automaker, spiked 5.97 percent, with its smaller affiliate Kia Motors jumping 2.92 percent.

Internet portal giant Naver advanced 0.96 percent.

Top pharmaceutical firm Samsung Biologics lost 1.40 percent, and Celltrion dipped 1.11 percent.

The local currency was trading at 1,185.40 won against the U.S. dollar, up 3.40 won from the previous session's close.


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