Seoul shares edge up on bargain hunting

SEOUL, Nov. 21 (Yonhap) -- South Korean stocks edged up 0.02 percent late Friday morning, recouping earlier losses, as bargain hunters snapped up beaten-down shipyard and steel issues, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.15 points to
948.84 as of 11:20 a.m.
"The KOSPI's consecutive losses for the past eight sessions seem to be creating
price merit for shipbuilders and steel," said Lim Dong-min, an analyst at Dongbu
Securities.
Hyundai Heavy Industries and other shipbuilders gained ground after falling in
the past few sessions on fears that possible industry-wide restructuring may
negatively affect their earnings. Steel and tech stocks also rose, but losses
among financials prevented the key index from gaining further.
U.S. stocks took another relentless beating Thursday after hopes faded that
lawmakers would quickly assemble an aid package for ailing U.S. automakers. The
Dow Jones industrial average plunged 5.56 percent and the tech-dominated Nasdaq
composite index plummeted 5.07 percent.
The local currency was trading at 1,515.1 won to the U.S. dollar as of 11:20
a.m., down 18.1 won from Thursday's close.
odissy@yna.co.kr
(END)