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Bargain hunting boosts Seoul Stock Exchange by 0.76%

Bargain hunting boosts Seoul Stock Exchange by 0.76%

The Kospi, the benchmark index of the Seoul Stock Exchange, gained 0.76% on Friday thanks to the purchase of undervalued assets at a time of uncertainty around the decision to be taken by the US Federal Reserve on monetary matters next week.

The South Korean benchmark advanced 17.96 points to 2,389.04 integers, while the technology indexKosdaqIt rose 6.97 points, or 0.98 percent, to 719.49.

After five consecutive sessions down in Seoul, bargain hunting was today the exclusive engine of the negotiation.

U.S. employment data in November yesterday showed more hiring than expected, which removes fears of recession but in turn may lead the Fed to raise rates back above 0.5% this month.

In that sense, the South Korean parquet will be attentive to the data of wholesale prices in the first world economy that are published today to try to obtain more clues about the direction that the monetary policy of the entity will take.

The benchmark in Seoul, Samsung Electronics (KS:005930) gained 2.03% today, while the world’s second-largest memory chip maker, SK Hynix (KS:000660), climbed 3.43%.

Naver (KS:035420), operator of the most used search engine in the Asian country, rose an important 5.12%, and Kakao, which owns the best-known South Korean instant messaging application, improved a no less remarkable 4.68%.

For its part, the biopharmaceutical Samsung Biologics was today one of the exceptions to close in tables, although the largest national vehicle manufacturer, Hyundai Motor (KS:005380), appreciated by 0.31%.

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