Seoul shares rise sharply on Wall Street rally

By Nam Kwang-sik
SEOUL, Nov. 5 (Yonhap) -- South Korean stocks jumped more than 4 percent late Wednesday morning as investors got a lift from overnight gains on Wall Street, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 52.36 points, or
4.54 percent, to 1,205.71 as of 11:20 a.m, breaching the 1,200-mark for the first
time since October 21.
"The market rose sharply thanks to a rise in U.S. stocks and foreign investors'
buying spree," said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities
Co.
U.S. stocks closed markedly higher Tuesday as investor sentiment was boosted in
anticipation of a year-end rally. The Dow Jones Industrial Average rose 305.45,
or 3.28 percent, to 9,625.28 and the Nasdaq Composite Index added 53.79 points,
or 3.12 percent, to 1,780.12.
Most stocks were in positive terrain, with builders and shipping shares leading
the gains.
The local currency was trading at 1,266.5 won to the U.S. dollar as of 11:20
a.m., up 21.50 won from Tuesday's close.
ksnam@yna.co.kr
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