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Seoul stocks set to extend winning streak on Trump's discharge from hospital, stimulus hopes

All News 11:39 October 06, 2020

SEOUL, Oct. 6 (Yonhap) -- South Korean stocks traded higher late Tuesday morning heading toward a fifth consecutive day of gains as investor sentiment was spurred by an overnight rally on Wall Street after improvements to U.S. President Donald Trump's condition and stimulus hopes in the world's largest economy.

The benchmark Korea Composite Stock Price Index (KOSPI) added 13.17 points, or 0.56 percent, to 2,371.17 as of 11:20 a.m.

Wall Street rallied overnight after uncertainties cleared over reports of Trump, who tested positive for COVID-19 last week, responding to treatment to the virus.

Trump returned to the White House on Monday (U.S. time) after treatment at the Walter Reed National Military Medical Center.

The news also lifted investor expectations for a new U.S. stimulus deal currently being negotiated between House Speaker Nanci Pelosi and Treasury Secretary Steven Mnuchin.

"After reports of improvements to Trump's condition, South Korean shares extended gains," Seo Sang-young, an analyst at Kiwoom Securities, said. "Growing expectations over an agreement to additional U.S. stimulus measures after Trump's contraction of the virus boosted investor sentiment."

Most large cap stocks traded higher in Seoul, led by advances in tech and pharmaceutical heavyweights.

Market kingpin Samsung Electronics rose 0.85 percent, while No. 2 chipmaker SK hynix remained flat.

Pharmaceutical giant Samsung Biologics jumped 3.21 percent, and Celltrion added 0.59 percent.

Top chemical firm LG Chem climbed 0.76 percent, and refiner SK Innovation rose 0.71 percent.

The local currency was trading at 1,160.90 won against the U.S. dollar, up 2.50 won from the previous session's close.

yunhwanchae@yna.co.kr
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