Seoul stocks open higher on U.S rebound

SEOUL, Feb. 17 (Yonhap) -- South Korean stocks got off to a powerful start
Wednesday, tracking sharp rallies in Wall Street stocks, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) increased 20.58 points,
or 1.29 percent, to trade at 1,621.63 in the first 15 minutes of trading.
Bolstered by strong earnings and recovery optimism, U.S. shares closed sharply up
on Tuesday with the Dow Jones industrial average jumping 1.14 percent.
Rebound in financial shares led the key index gain, but STX Pan Ocean, the
biggest bulk shipper, fell as much as 2.5 percent on reports that STX group is
seeking to take over the nation's leading builder Daewoo Engineering &
Construction.
The local currency was trading at 1,142.60 won to the U.S. dollar as of 9:15
a.m., up 8.70 won from Tuesday's close.
pbr@yna.co.kr
(END)