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Seoul shares extend gains late Tue. morning ahead of U.S. election

All News 11:27 November 03, 2020

SEOUL, Nov. 3 (Yonhap) -- South Korean shares extended gains late Tuesday morning, tracking overnight gains on Wall Street ahead of the U.S. presidential election.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 39.76 points, or 1.73 percent, to 2,339.92 in the first 15 minutes of trading.

The index rallied after a 1.46 percent hike the previous session, hoping that the stocks will advance after the U.S. election.

The upcoming Federal Open Market Committee (FOMC) meeting also boosted investor sentiment.

The Dow Jones Industrial Average rose 1.6 percent Monday (New York time). The tech-heavy Nasdaq composite gained 2.3 percent, and the S&P 500 advanced 1.23 percent.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 2.09 percent, with No. 2 chipmaker SK hynix gaining 1.76 percent.

Pharmaceutical giant Samsung Biologics moved up 1.15 percent, and Celltrion surged 4.7 percent.

Leading chemical firm LG Chem spiked 5.3 percent, and Hyundai Motor, the country's largest carmaker, rose 0.59 percent.

Internet portal giant Naver retreated 1.23 percent, but its rival Kakao edged up 0.15 percent.

The local currency was trading at 1,134.05 won against the U.S. dollar, down 0.45 won from the previous session's close.


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