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Seoul stocks trade higher on economic recovery hopes

All News 11:34 December 01, 2020

SEOUL, Dec. 1 (Yonhap) -- South Korean stocks traded higher late Tuesday morning as upbeat economic data raised hopes for a faster-than-expected economic recovery amid the pandemic.

The Korea Composite Stock Price Index (KOSPI) rose 28.54 points, or 1.1 percent, to 2,619.88 as of 11:20 a.m.

Investor sentiment ran high as South Korea's economy grew 2.1 percent in the July-September period from the previous quarter, faster than its earlier estimate of 1.9 percent.

The country's exports also rose 4 percent in November from a year earlier on continued global chip demand.

Hopes of a COVID-19 vaccine becoming available soon further buoyed the market.

U.S.-based Moderna said Monday (U.S. time) it will seek emergency approval for its COVID-19 vaccine from U.S. and European health regulators.

In Seoul, most large caps traded higher.

Market behemoth Samsung Electronics added 1.65 percent, and No. 2 chipmaker SK hynix climbed 1.44 percent.

Internet portal giant Naver jumped 2.52 percent, with its rival Kakao hiking 0.54 percent.

Pharmaceutical giant Samsung Biologics rose 1.27 percent, while Celltrion remained unchanged.

Top automaker Hyundai Motor inched down 0.28 percent, and leading chemical company LG Chem slipped 0.38 percent.

The local currency was trading at 1,107.8 won against the U.S. dollar, down 1.3 won from the previous session's close.


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