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Seoul stocks extend gains late Tue. morning on hopes of global economic rebound

Stocks 11:33 March 30, 2021

SEOUL, March 30 (Yonhap) -- South Korean stocks extended their gains late Tuesday morning, aided by expectations of a quick global economic recovery from the pandemic.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.04 points, or 1.02 percent, to 3,067.08 points as of 11:20 a.m.

Investor sentiment was boosted after the Dow Jones Industrial Average set another record overnight over the progress in the U.S. vaccine rollout.

Later this week, the U.S. government is scheduled to unveil an extra stimulus program, including larger spending in infrastructure, which fueled investor appetite for risk.

Top cap Samsung Electronics added 0.37 percent, and No. 2 chipmaker SK hynix climbed 1.89 percent.

Giant internet portal operator Naver increased 2.42 percent, with its rival Kakao moving up 1.44 percent.

Pharmaceutical giant Samsung Biologics slipped 0.13 percent, and Celltrion declined 0.91 percent.

Leading chemical firm LG Chem advanced 1.13 percent, and top automaker Hyundai Motor gained 2.09 percent.

The local currency was trading at 1,133.35 won against the U.S. dollar, down 1.65 won from the previous session's close.


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