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Seoul stocks open higher on vaccine hopes, export increase

All News 09:40 November 11, 2020

SEOUL, Nov. 11 (Yonhap) -- South Korean shares opened higher Wednesday, tracking Dow's continued gain related to Pfizer's COVID-19 vaccine test results and improved chip exports.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.05 points, or 0.53 percent, to 2,465.88 in the first 15 minutes of trading.

Stocks came to a strong start after a straight seven-day gain.

Investors remained optimistic about Pfizer's COVID-19 vaccine test results, backed by positive comments by top U.S. infectious disease specialist Anthony Fauci.

Overnight, the Dow Jones Industrial Average advanced 0.9 percent to close at 29,420.92 points. The Nasdaq Composite retreated 1.37 percent, and the S&P 500 slipped 0.14 percent.

South Korean exports jumped 20.1 percent on-year in the first 10 days of November, raising hopes for a quick economic recovery from the new coroanvirus pandemic. Chip and auto exports increased 31.9 percent and 8.3 percent, respectively.

In Seoul, most large caps traded lower.

Market bellwether Samsung Electronics advanced 0.83 percent, while No. 2 chipmaker SK hynix traded flat.

Leading chemical firm LG Chem gained 1 percent, but rechargeable battery maker Samsung SDI shed 1.69 percent.

Pharmaceutical giant Samsung Biologics slid 0.4 percent, and Celltrion slipped 0.18 percent.

Hyundai Motor, the country's largest carmaker, moved up 2.31 percent.

Internet portal giant Naver fell 1.24 percent, and its rival Kakao dropped 1.69 percent.

The local currency was trading at 1,115.4 won against the U.S. dollar, down 0.3 won from the previous session's close.


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