Seoul shares jump nearly 2.5 pct on stimulus package

SEOUL, Nov. 3 (Yonhap) -- South Korean stocks climbed 2.49 percent late Monday morning as investor sentiment was lifted by government plans to increase its spending next year aimed at shoring up the slowing economy, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 27.67 points to
1,140.73 as of 11:20 a.m.
"Amid Wall Street gains, the Seoul market extended rallies as investors took
comfort from government's economic stimulus package," said Lee Sun-yup, an
analyst at Goodmorning Shinhan Securities Co. "Foreign investors' buying of local
stocks also added to the upturn of the stock index."
Steep gains caused the Korea Exchange (KRX), the bourse operator, to suspend
program trading in early trading for five minutes after the main index futures
prices rose more than 5 percent.
South Korea said earlier in the day that it will increase government spending by
14 trillion won (US$10.76 billion) next year as part of efforts to stimulate the
slumping economy and help low-income households tide over the current financial
turmoil.
The news that the country's trade balance swung to the black in October for the
first time in five months also added to the bullish sentiment, analysts said.
The local currency was trading at 1,284.45 won to the U.S. dollar as of 11:20
a.m., up 6.55 won from Friday's close.