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Seoul stocks extend gains late Tue. morning ahead of ECB meeting

All News 11:39 September 08, 2020

SEOUL, Sept. 8 (Yonhap) -- South Korean shares extended gains late Tuesday morning as investors pin hopes on the possibility that the European Central Bank (ECB) may signal further easing moves in its upcoming monetary policy meeting.

The Korea Composite Stock Price Index (KOSPI) rose 18.95 points, or 0.79 percent, to 2,403.17 as of 11:20 a.m.

The index rose above the 2,400-point mark as chipmakers continued to gain despite lingering valuation pressure on tech shares in major economies.

Stocks lifted on growing expectations that the ECB may extend the current low-interest rate drive on Thursday (Korea time), following the U.S. Federal Reserve, local analysts said.

Large caps traded mixed in Seoul.

Market bellwether Samsung Electronics spiked 3.19 percent, with No. 2 chipmaker SK hynix advancing 1.15 percent.

Internet portal giant Naver shed 0.64 percent, while its rival Kakao added 0.89 percent.

Leading chemical maker LG Chem retreated 0.56 percent, and rechargeable battery maker Samsung SDI gained 1.16 percent.

Top pharmaceutical firm Samsung Biologics slid 0.13 percent, with Celltrion dipping 1.97 percent.

Hyundai Motor, the country's largest automaker, and top steelmaker POSCO stayed flat.

The local currency was trading at 1,188 won against the U.S. dollar, up 0.3 won from the previous session's close.


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