Seoul shares up nearly 2 pct in late morning

SEOUL, March 23 (Yonhap) -- South Korean stocks surged 1.96 percent late Monday
morning as investors scooped up blue-chip shares on eased concerns over the
economy and financial markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 22.99 points to
1,193.93 as of 11:20 a.m.
Most shares gained significant ground, with banking shares driving the market
higher. Steelmakers and shipyards were also among the brisk performers.
The rally comes as the government is eying to expand its fiscal spending to
counter the worst economic recession in more than a decade.
Earlier in the day, the government and the ruling Grand National Party reached a
tentative agreement on a 28.9 trillion won (US$20.6 billion) extra budget, mostly
aimed at creating jobs and offering help to low-income people.
The local currency was trading at 1,400.85 won to the U.S. dollar as of 11:20
a.m., up 11.65 won from Friday's close.
kokobj@yna.co.kr
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