Seoul stocks extend gains on recovery hopes

SEOUL, Nov. 24 (Yonhap) -- South Korean stocks extended gains late Tuesday morning after hitting an all-time high the previous session on hopes of an economic recovery and new coronavirus vaccine development.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.01 points, or 0.27 percent, to 2,609.6 as of 11:20 a.m.

Investor sentiment ran high in the global financial markets, as progress in COVID-19 vaccine development fueled optimism that the economy and trade would normalize down the road.

Overnight, the Dow Jones Industrial Average gained 1.12 percent to 29,591.27 points, with the tech-heavy Nasdaq Composite adding 0.22 percent and the S&P 500 climbing 0.56 percent.

Most large caps traded higher, led by strong chip and battery gains.

Market bellwether Samsung Electronics jumped 2.07 percent, but No. 2 chipmaker SK hynix slipped 0.1 percent.

Leading chemical firm LG Chem spiked 4.01 percent, and rechargeable battery maker Samsung SDI advanced 3.42 percent.

Hyundai Motor, the country's largest carmaker, moved up 0.56 percent. Leading steelmaker POSCO rose 1.03 percent.

Internet portal giant Naver edged up 0.18 percent, and its rival Kakao hiked 1.63 percent.

Pharmaceutical giant Samsung Biologics retreated 1 percent, while Celltrion added 0.17 percent.

The local currency was trading at 1,111.55 won against the U.S. dollar, down 1.15 won from the previous session's close.

jwc@yna.co.kr
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