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Seoul stocks a mixed bag from Dow's COVID-19 vaccine rally

All News 11:35 November 10, 2020

SEOUL, Nov. 10 (Yonhap) -- South Korean stocks extended mild gains late Tuesday morning, as local stocks were a mixed bag from the overnight rally on Wall Street triggered by better-than-expected efficacy of a COVID-19 vaccine by Pfizer.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.41 point, or 0.26 percent, to 2,453.61 as of 11:20 a.m.

Stocks came to a muted start on profit-taking after the KOSPI's six-day winning streak.

The index rebounded late morning, marked by strong advances by travel and fuel stocks that followed Pfizer's vaccine test results. Contact-free tech stocks, which had flown high amid the global COVID-19 resurgence, slumped.

Local stocks were largely affected by U.S. top infectious disease expert Anthony Fauci's statement that the Pfizer vaccine shot will have a "major impact," fueling investor optimism that the vaccine could be deployed by the end of the year.

Overnight, the Dow Jones Industrial Average jumped 2.95 percent to close at 29,157.97 points. The Nasdaq Composite retreated 1.53 percent, but the S&P 500 advanced 1.17 percent.

In Seoul, most large caps traded lower.

Market bellwether Samsung Electronics shed 0.5 percent, while No. 2 chipmaker SK hynix gained 0.7 percent.

Internet portal giant Naver fell 4.19 percent, and its rival Kakao dropped 3.63 percent.

Leading chemical firm LG Chem lost 2.72 percent, and rechargeable battery maker Samsung SDI declined 0.94 percent.

Pharmaceutical giant Samsung Biologics edged up 0.13 percent, but Celltrion dipped 1.58 percent.

Hyundai Motor, the country's largest carmaker, moved up 0.29 percent.

The local currency was trading at 1,114.9 won against the U.S. dollar, down 1.0 won from the previous session's close.


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