The Korea Herald

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지나쌤

Seoul stocks open sharply higher despite US election limbo

By Yonhap

Published : Nov. 5, 2020 - 09:38

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The Kospi rates are shown on the dealing room screen at a Hana Bank in Seoul on Thursday morning. (Yonhap) The Kospi rates are shown on the dealing room screen at a Hana Bank in Seoul on Thursday morning. (Yonhap)
The South Korean benchmark stock index opened sharply higher Thursday despite the US presidential election being in limbo, taking a cue from the overnight Wall Street rally.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.13 points, or 1.32 percent, to 2,388.45 in the first 15 minutes of trading.

Stocks traded bullish after a 0.6 percent hike the previous session, as investors rush for giant tech and bio stocks as US election uncertainties continue. 

Investor sentiment ran high as the tech-heavy Nasdaq composite spiked 3.85 percent Wednesday (New York time). The Dow Jones Industrial Average rose 1.34 percent, and the S&P 500 advanced 2.2 percent.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 1.54 percent, with No. 2 chipmaker SK hynix gaining 1.68 percent.

Pharmaceutical giant Samsung Biologics moved up 6.41 percent, while Celltrion traded flat.

Leading chemical firm LG Chem rose 2.62 percent, and Hyundai Motor, the country's largest carmaker, moved up 1.75 percent.

Internet portal giant Naver climbed 0.5 percent, and its rival Kakao gained 1.53 percent.

The local currency was trading at 1,128.35 won against the US dollar, up 9.35 won from the previous session's close. (Yonhap)