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Seoul stocks extend gains late Mon. morning ahead of U.S. election, FOMC meeting

All News 11:34 November 02, 2020

SEOUL, Nov. 2 (Yonhap) -- Seoul stocks extended gains late Monday morning 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 19.72 points, or 0.87 percent, to 2,286.87 as of 11:20 a.m.

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.

Investors are paying keen attention to the results of the U.S. presidential election Tuesday (U.S. time).

Large caps traded higher in Seoul.

Market kingpin Samsung Electronics added 0.53 percent, and No. 2 chipmaker SK hynix slid 0.13 percent.

Top pharmaceutical firm Samsung Biologics gained 0.88 percent, and Celltrion advanced 1.44 percent after signing a 210 billion-won (US$185 million) deal to supply a COVID-19 diagnostic kit in the U.S.

Hyundai Motor, the country's largest automaker, went up 2.13 percent.

Internet portal giant Naver lost 1.38 percent, and leading chemical maker LG Chem fell 1.31 percent.

Top steelmaker POSCO spiked 4.81 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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