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Seoul shares up for 2nd day ahead of U.S. election

All News 16:02 November 03, 2020

SEOUL, Nov. 3 (Yonhap) -- South Korean shares rallied Tuesday for a second consecutive day ahead of the U.S. presidential election. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 43.15 points, or 1.88 percent, to close at 2,343.31.

Trading volume was high at about 874 million shares worth some 10.7 trillion won (US$9.4 billion), with gainers outnumbering losers 696 to 154.

Foreigners bought a net 204 billion won, while retail investors sold a net 656 billion won. Institutions purchased a net 455 billion won.

The KOSPI rallied after a 1.46 percent hike the previous session as investors bet that the stock market will build up gains after the U.S. election.

The upcoming Federal Open Market Committee (FOMC) meeting also boosted investor sentiment, but analysts said market volatility may increase after the event.

"Volatility from the election uncertainties is increasing in the local stock markets as the election draws near," said Shinhan Financial Investment analyst Choi Yoo-joon. The election volatility is expected to continue throughout the whole week, he added.

In Seoul, most large caps closed mixed.

Market bellwether Samsung Electronics jumped 2.44 percent to 58,800 won, and No. 2 chipmaker SK hynix gained 2.26 percent to 81,400 won.

Top pharmaceutical firm Samsung Biologics edged up 0.14 percent to 699,000 won, and Celltrion spiked 5.93 percent to 259,000 won.

Internet portal giant Naver lost 0.88 percent to 283,000 won, but its rival Kakao climbed 0.6 percent to 336,500 won.

Leading chemical maker LG Chem surged 5.3 percent to 656,000 won, and rechargeable battery maker Samsung SDI hiked 4.43 percent to 459,500 won.

Hyundai Motor, the country's largest automaker, closed flat at 170,500 won, while top steelmaker POSCO advanced 2.08 percent to 220,500 won.

The local currency closed at 1,134.1 won per dollar, down 0.5 won from the previous session's close.


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