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Seoul stocks turn higher late Mon. morning on Samsung, bio gains

All News 11:37 September 07, 2020

SEOUL, Sept. 7 (Yonhap) -- South Korean shares turned higher late Monday morning, led by an advance in top cap Samsung Electronics and some bio stocks.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.52 points, or 0.4 percent, to 2,377.77 as of 11:20 a.m.

A slowdown in daily COVID-19 cases also helped boost investor sentiment, despite growing valuation concerns in the financial markets.

The country added 119 more COVID-19 cases as of Monday 10 a.m., marking a sharp fall from 167 additional cases reported Sunday and the fewest in nearly a month.

Late last week, South Korean authorities extended the enhanced social distancing scheme by a week to Sept. 13, to curb the new infection rate.

In Seoul, most large caps traded lower.

Market bellwether Samsung Electronics added 1.26 percent following news that the tech behemoth will supply network equipment to U.S. telecommunications giant Verizon for 7.89 trillion won (US$6.6 billion).

No. 2 chipmaker SK hynix shed 0.89 percent.

Internet portal giant Naver sank 3.35 percent, with its rival Kakao dipping 2.11 percent.

Leading chemical maker LG Chem fell 2.42 percent, and rechargeable battery maker Samsung SDI dropped 2.05 percent.

Top pharmaceutical firm Samsung Biologics gained 0.26 percent, but Celltrion lost 0.34 percent.

Hyundai Motor, the country's largest automaker, fell 1.45 percent, while top steelmaker POSCO advanced 1.88 percent.

The local currency closed at 1,188.75 won per dollar, up 2.3 won from the previous session's close.


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