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Seoul stocks open sharply higher despite U.S. election limbo

All News 09:34 November 05, 2020

SEOUL, Nov. 5 (Yonhap) -- The South Korean benchmark stock index opened sharply higher Thursday despite the U.S. presidential election being in limbo, taking a cue from the overnight Wall Street rally.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.13 points, or 1.32 percent, to 2,388.45 in the first 15 minutes of trading.

Stocks traded bullish after a 0.6 percent hike the previous session, as investors rush for giant tech and bio stocks as U.S. election uncertainties continue.

Investor sentiment ran high as the tech-heavy Nasdaq composite spiked 3.85 percent Wednesday (New York time). The Dow Jones Industrial Average rose 1.34 percent, and the S&P 500 advanced 2.2 percent.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 1.54 percent, with No. 2 chipmaker SK hynix gaining 1.68 percent.

Pharmaceutical giant Samsung Biologics moved up 6.41 percent, while Celltrion traded flat.

Leading chemical firm LG Chem rose 2.62 percent, and Hyundai Motor, the country's largest carmaker, moved up 1.75 percent.

Internet portal giant Naver climbed 0.5 percent, and its rival Kakao gained 1.53 percent.

The local currency was trading at 1,128.35 won against the U.S. dollar, up 9.35 won from the previous session's close.


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