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Seoul stocks extend gains late Monday morning

All News 11:42 August 10, 2020

SEOUL, Aug. 10 (Yonhap) -- South Korean shares extended gains late Monday morning, led by gains in autos, EV battery makers and financials.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.33 points, or 0.86 percent, to 2,372.00 as of 11:20 a.m.

The index got off to a muted start after rising by nearly 5 percent on hopes for additional stimulus measures in the United States.

Auto-related shares spiked on expectations of a sales jump at home, while tech and chemical shares remained in negative terrain.

Hyundai Motor, the country's largest automaker, skyrocketed 11.22 percent, with its smaller affiliate Kia Motors jumping 5.56 percent.

Hyundai Mobis, the top auto parts maker, also surged 5.56 percent.

Investor caution grew on tech shares amid increased U.S. warnings against popular Chinese apps, such as TikTok and WeChat, over national security reasons.

Other large caps traded mixed.

Market bellwether Samsung Electronics gained 0.52 percent, and No. 2 chipmaker SK hynix edged up 0.12 percent.

Top pharmaceutical firm Samsung Biologics lost 0.78 percent, while Celltrion climbed 0.16 percent.

Internet giant Naver dipped 0.64 percent, but its rival Kakao added 0.42 percent.

Leading chemical maker LG Chem lost 3.22 percent, with EV battery maker Samsung SDI retreating 1.84 percent.

The local currency was trading at 1,187.60 won against the U.S. dollar, down 2.90 won from the previous session's close.


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