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Seoul stocks open higher ahead of U.S. election, FOMC meeting

All News 09:24 November 02, 2020

SEOUL, Nov. 2 (Yonhap) -- Seoul stocks opened higher Monday ahead of the upcoming U.S. presidential election and the Federal Open Market Committee (FOMC) meeting.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.37 points, or 0.33 percent, to reach 2,274.52 in the first 15 minutes of trading.

Stocks got off to a strong start after the previous session's 2.56 percent plunge.

Amid the global COVID-19 resurgence and the U.S. election uncertainties, investors pinned hopes for a dovish signal from the FOMC, which has repeatedly said there is more policy room to support the world's largest economy.

Large caps traded mixed in Seoul.

Market kingpin Samsung Electronics fell 0.71 percent, and No. 2 chipmaker SK hynix slid 0.25 percent.

Top pharmaceutical firm Samsung Biologics gained 1.47 percent, and Celltrion added 0.41 percent.

Hyundai Motor, the country's largest automaker, advanced 1.52 percent.

Internet portal giant Naver lost 0.69 percent, and leading chemical maker LG Chem fell 0.82 percent.

Top steelmaker POSCO jumped 2.64 percent.

The local currency was trading at 1,175.45 won against the U.S. dollar, down 0.95 won from the previous session's close.


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