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Seoul stocks turn higher late Thursday morning on improved growth forecast

All News 11:34 November 26, 2020

SEOUL, Nov. 26 (Yonhap) -- South Korean stocks traded higher late Thursday morning, as the central bank's revised growth forecast boosted investor sentiment.

The benchmark Korea Composite Stock Price Index rose 11.95 points, or 0.46 percent, to 2,613.49 as of 11:20 a.m.

Stocks came to a weak start on Wall Street losses that stemmed from disappointing U.S. economic indices, but gained ground as the Bank of Korea (BOK) slightly revised up this year's economic outlook.

In a widely expected move, the BOK froze the key interest rate at a record low of 0.5 percent.

Overnight, the Dow Jones Industrial Average retreated 0.58 percent to 29,872.47 points on an increase in weekly U.S. jobless data, weakening hopes for a quick recovery from the pandemic. The Nasdaq composite gained 0.48 percent, but the S&P 500 lost 0.16 percent.

In Seoul, most large caps traded mixed.

Market behemoth Samsung Electronics gained 1.65 percent, and No. 2 chipmaker SK hynix added 1.03 percent.

Top automaker Hyundai Motor traded flat, but leading chemical company LG Chem advanced 0.89 percent.

Pharmaceutical giant Samsung Biologics retreated 0.37 percent, and Celltrion declined 1.06 percent.

Internet giant Naver gained 1.44 percent on concerns of surging COVID-19 cases, with its rival Kakao hiking 1.09 percent.

The local currency was trading at 1,105.0 won against the U.S. dollar, up 3.9 won from the previous session's close.


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