Seoul shares up 1.37 pct in late morning

SEOUL, Feb. 23 (Yonhap) -- South Korean stocks traded 1.37 percent higher late
Monday morning as investors picked up beaten-down shares following recent falls,
analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 14.56 points to
1,080.51 as of 11:20 a.m. The upturn came after the index lost ground for five
days in a row.
"The market advanced on gains in shipyards and other China-related shares but it
still remains to be seen whether it will last into the afternoon trading as
jitters over a credit crisis still weigh on investors' sentiment," said Kang
Hyun-chul, an analyst at Woori Investment & Securities.
Major large-cap shares traded higher, with shipbuilders and shipping companies
driving the upswing. Banking issues rebounded from their weak starts, helping
lift the overall index.
The local currency was trading at 1,498.85 won to the U.S. dollar as of 11:20
a.m., up 7.15 won from Friday's close.
kokobj@yna.co.kr
(END)