Seoul shares up 1.48 pct in late morning

SEOUL, May 4 (Yonhap) -- South Korean stocks traded 1.48 percent higher late
Monday morning as investors snapped up financial shares amid hopes for better
earnings, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 20.33 points to
1,389.69 as of 11:20 a.m., extending its gains for the third straight session.
"The Seoul bourse maintained robust momentum, shrugging off a bankruptcy filing
by U.S. automaker Chrysler LLC and uncertainty surrounding stress tests of 19
U.S. biggest banks," said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co.
Bank shares sharply gained ground. KB Financial Group, which controls Kookmin
Bank, jumped almost 12 percent after Goldman Sachs Group raised its
recommendation on the lender to "buy" from "neutral," citing prospects for
improving interest margins.
The local currency was trading at 1,271.25 won to the U.S. dollar as of 11:20
a.m., up 10.75 won from Thursday's close. The local financial markets closed for
Labor Day on Friday.
sooyeon@yna.co.kr
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