Seoul stocks up 1.47 pct in late morning

SEOUL, Dec. 30 (Yonhap) -- South Korean stocks traded 1.47 percent higher late Tuesday morning as institutions and foreign investors scooped up recently beaten-down shares despite overnight setbacks in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.39 points to
1,133.98 as of 11:20 a.m.
"With little market-moving news on the last trading day of this year, the index
seemed to be gaining ground with pension funds and foreign investors picking up
shares on expectations things will get better in the new year," said Choi
Soon-ho, an analyst at Eugene Investment & Securities.
Most shares traded higher with steel, tech and refinery shares leading the upswings.
On Monday, U.S. stocks retreated amid renewed tensions in the Middle East and a
surge in oil prices due to supply disruption woes. The Dow Jones industrial
average fell 0.37 percent and the tech-dominated Nasdaq composite index shed 1.3
percent.
The local currency was trading at 1,257.95 won to the U.S. dollar as of 11:20
a.m., up 5.05 won from Monday's close.
kokobj@yna.co.kr
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