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Seoul stocks extend winning streak to 3rd day on chip rally, vaccine hopes

All News 15:53 September 03, 2020

SEOUL, Sept. 3 (Yonhap) -- South Korean shares extended gains to a third session Thursday, as major chipmakers rallied amid hopes for a recovery. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.53 points, or 1.33 percent, to close at 2,395.9. Trading volume was high at about 966 million shares worth some 17.2 trillion won (US$14.5 billion), with gainers outnumbering losers 456 to 367.

Foreigners bought a net 194 billion won, ending a five-day selling streak. Retail investors sold a net 97 billion won, with institutions offloading a net 134 billion won.

The KOSPI's jump was largely attributed to the advances of chipmaking heavyweights, spurred by a 2.84 percent rally in the Philadelphia Semiconductor Index, a global gauge for the chipmaking sector.

"The steep hike in the Philadelphia Semiconductor Index boosted related stocks in the local stock markets," Kiwoom Securities analyst Seo Sang-young said.

Investors also pinned high hopes on optimism for COVID-19 vaccine development, in addition to the central banks' repeated signal to keep ample liquidity in the pandemic-hit financial markets.

In Seoul, most large caps on the main bourse traded higher.

Market bellwether Samsung Electronics surged 3.68 percent to 56,400 won, with No. 2 chipmaker SK hynix spiking 4.24 percent to 78,700 won.

Internet portal giant Naver added 1.95 percent to 339,000 won, while its rival Kakao shed 0.49 percent to 410,000 won.

Leading chemical maker LG Chem jumped 3.5 percent to 768,000 won, and EV battery maker Samsung SDI edged up 0.11 percent to 452,500 won.

Top pharmaceutical company Samsung Biologics advanced 1.17 percent to 779,000 won, while Celltrion slid 0.33 percent to 299,500 won.

Hyundai Motor, the country's largest automaker, added 0.28 percent to 176,500 won, and top steelmaker POSCO rose 0.53 percent to 189,000 won.

The local currency was trading at 1,188.3 won against the U.S. dollar, down 2.9 won from the previous session's close.


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