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Seoul stocks extend gains on Biden effect

All News 11:28 November 09, 2020

SEOUL, Nov. 9 (Yonhap) -- South Korean shares extended momentum late Monday morning on tech, renewable energy and battery gains, following Joe Biden's victory in the U.S. presidential election.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.02 points, or 24.66 percent, to 2,441.16 as of 11:20 a.m.

Stocks fared strong after a five-session winning streak, briefly touching the year's high of 2,459.15 points.

Investors pinned hopes that a Biden presidency and Republican-controlled Senate would benefit local chip and battery suppliers.

Most large caps traded mixed.

Market bellwether Samsung Electronics added 0.67 percent, but No. 2 chipmaker SK hynix lost 0.46 percent.

Leading chemical firm LG Chem advanced 0.69 percent, and rechargeable battery maker Samsung SDI spiked 5.01 percent.

Pharmaceutical giant Samsung Biologics retreated 2.06 percent, while Celltrion gained 1.8 percent.

Hyundai Motor, the country's largest carmaker, moved up 0.88 percent.

Internet portal giant Naver fell 0.66 percent, and its rival Kakao slid 0.27 percent.

The local currency was trading at 1,117.35 won against the U.S. dollar, up 3.05 won from the previous session's close.


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