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Seoul stocks open tad higher on pharmaceutical, chip gains

All News 09:36 December 07, 2020

SEOUL, Dec. 7 (Yonhap) -- South Korean stocks opened slightly higher Monday due to strong pharmaceuticals and chip gains, following the government's decision to toughen the quarantine measures against the new coronavirus.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.65 points, or 0.13 percent, to 2,735.1 in the first 15 minutes of trading.

Stocks lifted after closing at an all-time high Friday, as hopes of vaccine development and chip demands continued to run high in the financial markets.

The gain came a day after the government raised the social distancing scheme to the second-highest Level 2.5, ordering karaoke centers and indoor fitness facilities to close and limiting business hours for restaurants, cinemas and department stores.

Large caps traded mixed in Seoul.

Market bellwether Samsung Electronics added 1.12 percent, and No. 2 chipmaker SK hynix advanced 2.61 percent.

Pharmaceutical giant Samsung Biologics gained 0.48 percent, and Celltrion jumped 3.03 percent.

Hyundai Motor, the country's largest carmaker, shed 0.51 percent, but leading steelmaker POSCO rose 1.13 percent.

Leading chemical firm LG Chem retreated 1.54 percent, with rechargeable battery maker Samsung SDI losing 0.54 percent.

Internet portal giant Naver edged up 0.17 percent, while its rival Kakao slid 0.13 percent.

The local currency was trading at 1,083.95 won against the U.S. dollar, down 1.85 won from the previous session's close.


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