Seoul shares trade 1.04 pct higher late morning

SEOUL, Feb. 3 (Yonhap) -- South Korean stocks traded 1.04 percent higher late Wednesday morning, taking a cue from overnight gains in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 16.58 points to
1,612.39 as of 11:20 a.m., marking a second straight session of gains.
Shares of South Korean conglomerates GS Group and Hanwha Group gained ground
after they said earlier in the day that they have no plan to buy chip giant Hynix
Semiconductor Co. GS rose 1.75 percent and Hanwha advanced 3.51 percent.
Korea Exchange Bank, controlled by U.S. buyout fund Lone Star Funds, jumped 4.98
percent on its better-than-expected fourth-quarter earnings.
U.S. stocks closed higher Tuesday on better-than-expected earnings and
encouraging data in the housing market. The Dow Jones industrial average rose
1.09 percent and the tech-laden Nasdaq composite added 0.87 percent.
The local currency was trading at 1,152.85 won against the U.S. dollar as of
11:20 a.m., up 7.05 won from Tuesday's close.
sooyeon@yna.co.kr
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