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Seoul stocks trade higher late Tue. morning on U.S. stimulus hopes

Stocks 11:31 September 29, 2020

SEOUL, Sept. 29 (Yonhap) -- South Korean shares continued to trade higher late Tuesday morning on the back of overnight advances on Wall Street amid hopes for new fiscal stimulus talks.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.99 points, or 0.82 percent, to 2,327.07 as of 11:20 a.m.

The market got off to a strong start after a 1.29 percent jump the previous session.

Investor sentiment improved, following reports on progress for the new U.S. fiscal stimulus plan.

Market uncertainties from the U.S. presidential race remained a risk, pegging the KOSPI from further gains, according to analysts.

The Dow Jones Industrial Average jumped 1.51 percent to close at 24,474.12 on Monday (New York time). The tech-laden Nasdaq composite added 1.87 percent, and the S&P 500 advanced 1.61 percent.

In Seoul, most large caps traded higher.

Market bellwether Samsung Electronics added 0.52 percent, with No. 2 chipmaker SK hynix advancing 2.18 percent.

Leading chemical maker LG Chem climbed 2.72 percent, and rechargeable battery maker Samsung SDI gained 2.02 percent.

Top pharmaceutical firm Samsung Biologics rose 0.44 percent, and Celltrion advanced 0.59 percent.

Hyundai Motor, the country's largest automaker, hiked 1.71 percent, while internet portal giant Naver declined 0.84 percent.

The local currency was trading at 1,169.15 won against the U.S. dollar, up 4.45 won from the previous session's close.

jwc@yna.co.kr
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