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Seoul stocks extend gains late Wed. morning on vaccine hopes, export jump

All News 11:33 November 11, 2020

SEOUL, Nov. 11 (Yonhap) -- South Korean shares built up further gains late Wednesday morning, tracking Dow's continued gain related to Pfizer's COVID-19 vaccine test results and improved exports.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.16 points, or 1.07 percent, to 2,478.99 as of 11:20 a.m., set to extend its winning streak to a seventh day.

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 coronavirus pandemic. Chip and auto exports increased 31.9 percent and 8.3 percent, respectively.

In Seoul, most large caps traded higher.

Market bellwether Samsung Electronics advanced 1.16 percent, with No. 2 chipmaker SK hynix gaining 0.35 percent.

Leading chemical firm LG Chem rose 1.57 percent, but rechargeable battery maker Samsung SDI shed 1.5 percent.

Pharmaceutical giant Samsung Biologics added 1.6 percent, and Celltrion spiked 6.51 percent.

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

Internet portal giant Naver fell 0.53 percent, but its rival Kakao climbed 0.56 percent.

The local currency was trading at 1,112.3 won against the U.S. dollar, up 2.8 won from the previous session's close.


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