Seoul shares trade 0.47 pct higher in late morning

SEOUL, March 13 (Yonhap) -- South Korean stocks traded 0.47 percent higher late
Friday morning as investor sentiment was lifted by overnight gains in U.S.
markets, sending tech and financial shares higher, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.27 points to
1,133.66 as of 11:20 a.m.
"The KOSPI started stronger mirroring Wall Street gains, but pared earlier rises
in morning trade as foreign investors cut their stock holdings," said Park
Suk-hyun, an analyst at Eugene Investment & Securities Co. "Tech shares led the
market's gain."
Bank shares traded in positive territory, shrugging off Fitch Ratings' warnings
over Korean lenders. Fitch estimated that South Korean banks may post a combined
42 trillion won (US$28.5 billion) in additional losses by the end of 2010.,
adding that they need to boost capital further.
U.S. stocks closed higher Thursday as retail sales data showed a slight
improvement in consumer spending and a smaller-than-expected downgrade of General
Electric's ratings. The Dow Jones industrial average gained 3.46 percent and the
tech-heavy Nasdaq composite index rose 3.97 percent.
The Korean currency was trading at 1,489.3 won to the U.S. dollar as of 11:20
a.m., up 7.20 won from Thursday's close.
sooyeon@yna.co.kr
(END)