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Seoul stocks extend gains late Wed. morning on tech gains

All News 11:35 August 04, 2021

SEOUL, Aug. 4 (Yonhap) -- South Korean stocks extended their gains late Wednesday morning, led by strong advances on tech large caps.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.66 points, or 0.76 percent, to trade at 3,261.8 points as of 11:20 a.m.

The KOSPI got off to a solid start, tracking overnight rallies on Wall Street over optimism for strong corporate earnings.

The S&P 500 gained 0.82 percent to close at a record high, with the Dow Jones Industrial Average and the tech-heavy Nasdaq composite advancing 0.8 percent and 0.55 percent, respectively.

The KOSPI increasingly gained ground as major chipmakers continued to advance for the third day. Other tech heavyweights also rose on expectations of robust earnings.

In Seoul, KOSPI top cap Samsung Electronics gained 1.47 percent, and No. 2 chipmaker SK hynix increased 1.67 percent. LG Electronics increased 1.1 percent.

Internet portal operator Naver moved up 0.23 percent, while giant pharmaceutical firm Samsung Biologics lost 0.66 percent.

Top automaker Hyundai Motor climbed 0.22 percent, and leading chemical firm LG Chem traded flat.

SK Innovation slumped 5.14 percent after the firm decided to spin off its battery unit.

The local currency was trading at 1,146.45 won against the U.S. dollar, up 1.85 from the previous session's close.


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