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Seoul stocks extend gains late Mon. morning on U.S. stimulus hopes

All News 11:29 October 05, 2020

SEOUL, Oct. 5 (Yonhap) -- South Korean shares extended gains late Monday morning after a long holiday, as investor sentiment improved on hopes for fresh economic stimulus in the United States.

The Korea Composite Stock Price Index (KOSPI) rose 32.71 points, or 1.41 percent, to 2,360.6 as of 11:20 a.m.

The gains were largely attributed to optimistic statements by key U.S. officials related to the new US$2.2 trillion stimulus proposal.

Over the weekend, U.S. President Donald Trump tweeted his support for the stimulus bill, with House Speaker Nancy Pelosi showing stronger confidence about the stimulus talks.

Most large caps traded higher in Seoul, led by strong chip and auto gains.

Market bellwether Samsung Electronics added 1.72 percent, while No. 2 chipmaker SK hynix shed 0.6 percent.

Hyundai Motor, the country's largest automaker, jumped 3.92 percent, and its smaller affiliate Kia Motors spiked 7.04 percent.

Leading steelmaker POSCO surged 5.87 percent.

Internet portal giant Naver lost 0.67 percent, but its rival Kakao advanced 1.1 percent.

Leading chemical maker LG Chem edged up 0.15 percent, and rechargeable battery maker Samsung SDI rose 1.04 percent.

Top pharmaceutical firm Samsung Biologics remained flat, and Celltrion dropped 1.17 percent.

The local currency was trading at 1,163.45 won against the U.S. dollar, up 6.05 won from the previous session's close.


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