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Seoul stocks extend gains late Thur. morning amid U.S. presidential election uncertainties

All News 11:31 November 05, 2020

SEOUL, Nov. 5 (Yonhap) -- South Korean stocks extended gains late Thursday morning amid uncertainties over the U.S. presidential election results.

The Korea Composite Stock Price Index (KOSPI) rose 31.71 points, or 1.35 percent, to 2,389.03 in the first 15 minutes of trading.

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

Overnight, U.S. stocks finished sharply higher. 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.

Improved third-quarter earnings by major tech and financial firms also fueled hopes for an economic rebound from the pandemic.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 1.37 percent, with No. 2 chipmaker SK hynix gaining 2.16 percent.

Pharmaceutical giant Samsung Biologics spiked 6.14 percent, while Celltrion retreated 0.74 percent.

Internet portal giant Naver shed 2.18 percent, and its rival Kakao gained 1.53 percent.

Leading chemical firm LG Chem rose 2.15 percent, and Hyundai Motor, the country's largest carmaker, moved up 1.17 percent.

The local currency was trading at 1,133.5 won against the U.S. dollar, up 4.2 won from the previous session's close.


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