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Seoul stocks extend gains on economic rebound hopes

11:38 June 30, 2020

SEOUL, June 30 (Yonhap) -- South Korean shares continued to increase late Tuesday morning, led by overnight Wall Street gains that fueled optimism for a quick economic rebound.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.59 points, or 1.27 percent, to 2,120.07 as of 11:20 a.m.

The index slightly extended gains after starting off high on an overnight Wall Street stock rally.

The Dow Jones Industrial Average spiked 2.32 percent to end at 25,595.80 on Monday (New York time), with a 1.2 percent gain on the tech-laden Nasdaq.

A record gain in the U.S. pending home sales boosted the investor sentiment, offsetting fears of economic setbacks stemming from the recent surge in the new coronavirus cases.

In Seoul, large caps traded mixed.

Market bellwether Samsung Electronics spiked 1.91 percent, with the No. 2 chipmaker SK hynix surging 3.23 percent.

Top pharmaceutical firm Samsung BioLogics retreated 1.53 percent, while leading chemical maker LG Chem stayed flat.

Internet giants Naver and its rival Kakao also stayed flat.

The local currency was trading at 1,196.55 won against the U.S. dollar, up 2.05 won from the previous session's close.

jwc@yna.co.kr
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