Seoul shares jump 2.44 pct in late morning

SEOUL, March 11 (Yonhap) -- South Korean stocks traded 2.44 percent higher late Wednesday morning as investor sentiment was lifted by eased concerns over the teetering U.S. banking sector, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.61 points to
1,118.81 as of 11:20 a.m.
"The Seoul bourse extended earlier gains following overnight rallies in U.S.
markets. Foreign buying of local stocks and the won's sharp gain gave a boost to
the KOSPI," said Park Suk-hyun, an analyst at Eugene Investment & Securities Co.
"But as the Korean equity market has outperformed other Asian bourses, we're
unlikely to see further strong gains by the KOSPI."
Most shares traded in positive territory, led by financial and tech shares. U.S.
stocks rallied Tuesday as a better earnings outlook for beleaguered Citigroup
raised hopes for a recovery of the banking sector. The Dow Jones industrial
average jumped 5.8 percent and the tech-heavy Nasdaq soared 7.07 percent.
Foreigners were net buyers of Seoul stocks for the second straight session,
helping the local currency rise against the U.S. dollar.
The Korean currency was trading at 1,479.75 won to the U.S. dollar as of 11:20
a.m., up 31.75 won from Tuesday's close.
sooyeon