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Seoul stocks set to hit record high on vaccine hopes

All News 11:31 December 02, 2020

SEOUL, Dec. 2 (Yonhap) -- South Korean stocks traded higher late Wednesday morning, heading toward a record high, buoyed by the possible availability of COVID-19 vaccines and hopes of a large U.S. stimulus.

The Korea Composite Stock Price Index (KOSPI) rose 29.89 points, or 1.13 percent, to 2,664.14 as of 11:20 a.m.

The main index posted a firm start, briefly touching an all-time high of 2,675.28 points.

The prospect of Pfizer and Moderna's COVID-19 vaccines receiving emergency approval from the European health regulator fueled investor sentiment.

The two companies applied for approval for their respective vaccines from the European Medicines Agency a day earlier.

A $908 billion stimulus proposal from a bipartisan group of U.S. lawmakers on Tuesday (U.S. time) also kept hopes of a large relief package alive.

Most large caps in Seoul traded mixed.

Market bellwether Samsung Electronics jumped 2.36 percent, and No. 2 chipmaker SK hynix soared 7.46 percent.

Top chemical maker LG Chem added 3.46 percent, while top automaker Hyundai Motor fell 0.54 percent.

Pharmaceutical giant Samsung Biologics backtracked 1.13 percent, and Celltrion was down 0.58 percent.

Internet portal giant Naver dropped 1.23 percent, with rival Kakao slipping 0.67 percent.

The local currency was trading at 1,104.6 won against the U.S. dollar, up 1.6 won from the previous session's close.


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