Seoul shares up 0.18 pct in late morning

SEOUL, Jan. 16 (Yonhap) -- South Korean stocks traded 0.18 percent higher late
Friday morning as investors picked up tech shares following the key stock index's
plunge the previous session, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) inched up 2.02 points to
1,113.36 as of 11:24 a.m.
"Following the previous session's steep losses, the local key stock index staged
a technical rebound, led by tech gains," said Park Suk-hyun, an analyst at Eugene
Investment & Securities Co. "But the upturn seemed to be limited as foreign and
institutional investors continued to sell shares."
Tech shares gained ground, led by chip giant Hynix Semiconductor, but financial
issues traded in negative territory after Moody's Investors Service said Thursday
that it is reviewing a possible ratings downgrade of 10 South Korean banks.
The local currency was trading at 1,372.3 won to the U.S. dollar as of 11:24
a.m., up 19.7 won from Thursday's close.
sooyeon@yna.co.kr
(END)