Seoul shares climb 3.84 pct on U.S. gains

SEOUL, Nov. 25 (Yonhap) -- South Korean stocks surged 3.84 percent in late
Tuesday morning trading as institutions and foreign investors snapped up
shipbuilders and other large-cap shares, emboldened by overnight Wall Street
rallies, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 37.24 points to
1,007.38 as of 11:20 a.m.
The index's strong start prompted the nation's bourse operator to suspended
program trading for five minutes to cool overheated trading. It was the 23rd time
this year that such an emergency break has been imposed.
"Stocks started higher on advances in U.S. markets and gains were extended thanks
to buying spree of beaten-down shipbuilders, banks and construction shares," said
Choi Sun-ho, an analyst at Eugene Investment & Securities. "Foreign investors
also bolstered the market mood by net buying local stocks."
U.S. stocks closed sharply higher on Monday after the government unveiled a
bailout plan for struggling banking giant Citigroup. The Dow Jones industrial
average jumped 4.93 percent and the tech-dominated Nasdaq composite index rose
6.33 percent.
The local currency was trading at 1,480.65 won to the U.S. dollar as of 11:20
a.m., up 32.35 won from Tuesday's close.
kokobj@yna.co.kr
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