Seoul stocks rebound Tues. morning on record budget proposal

SEOUL, Sept. 1 (Yonhap) -- South Korean shares rebounded late Tuesday morning, as a record-high budget proposal for next year boosted hopes for the pandemic-hit economy.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.65 points, or 1.06 percent, to 2,350.82 as of 11:20 a.m.

Markets fared bullish after a 1.17 percent plunge in the previous session amid virus woes.

Investor sentiment strengthened despite a surge in new COVID-19 cases here, as the government proposed a record 555.8 trillion-won (US$469.8 billion) budget for 2021.

In Seoul, most large caps traded higher.

Market bellwether Samsung Electronics added 0.93 percent, with No. 2 chipmaker SK hynix advancing 0.67 percent.

Internet portal giant Naver gained 0.62 percent, while its rival Kakao remained flat.

Leading chemical maker LG Chem shed 0.14 percent, and EV battery maker Samsung SDI remained flat.

Top pharmaceutical firm Samsung Biologics gained 1.93 percent, and Celltrion rose 0.34 percent.

Hyundai Motor, the country's largest automaker, added 1.13 percent, and top steelmaker POSCO advanced 1.08 percent.

The local currency was trading at 1,185.1 won against the U.S. dollar, up 2.7 won from the previous session's close.

jwc@yna.co.kr
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