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Seoul stocks jump over 1 pct late Friday morning on vaccine hopes

All News 11:34 December 11, 2020

SEOUL, Dec. 11 (Yonhap) -- South Korea's benchmark stock index gained over 1 percent late Friday morning, as optimism over new coronavirus vaccinations boosted investor sentiment.

The Korea Composite Stock Price Index rose 29.25 points, or 1.07 percent, to 2,775.71 as of 11:20 a.m.

Local stocks traded bullish, as vaccine hopes offset concerns over increasing COVID-19 cases at home and disappointing jobless claims in the United States.

Investor sentiment was boosted following a U.S. government advisory panel's endorsement of widespread use of Pfizer's coronavirus vaccine.

Bio and tech shares advanced in Seoul, in anticipation that the endorsement would accelerate the U.S. Food and Drug Administration's emergency authorization for the vaccine, and hasten the global economic recovery.

Market behemoth Samsung Electronics gained 0.82 percent, while No. 2 chipmaker SK hynix traded flat.

Pharmaceutical giant Samsung Biologics moved up 0.24 percent, and Celltrion advanced 1.11 percent.

Internet giant Naver went up 1.22 percent, with its rival Kakao climbing 1.35 percent.

Chemical firm LG Chem slipped 0.24 percent, with rechargeable battery maker Samsung SDI retreating 1.07 percent.

Top automaker Hyundai Motor rose 0.26 percent, and leading steelmaker POSCO surged 4.23 percent.

The local currency was trading at 1,087.35 won against the U.S. dollar, up 0.35 won from the previous session's close.


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