Seoul shares open higher on U.S. bank optimism

SEOUL, May 8 (Yonhap) -- South Korean stocks started higher Friday as stress test
results on U.S. banks dispelled uncertainty surrounding the health of the banking
system, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 5.8 points, or
0.41 percent, to 1,406.88 in the first 15 minutes of trading.
Stress test results on the 19 largest U.S. banks revealed that 10 lenders
including Bank of America and Citigroup Inc. need to raise their capital buffers
by a combined US$74.6 billion. The outcome came after the U.S. stock market
closed.
The local currency was trading at 1,254.75 won to the U.S. dollar as of 9:15
a.m., up 7.55 won from Thursday's close.
sooyeon@yna.co.kr
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