Seoul stocks trade 1.28 pct higher in late morning

SEOUL, July 27 (Yonhap) -- South Korean stocks traded 1.28 percent higher late
Monday morning as foreign and institutional investors continued to buy local
stocks on hopes for an economic recovery, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 19.16 points to
1,521.75 as of 11:20 a.m., extending a 10-day gain and hitting a 10-month high.
"The morning market showed that investors responded positively to the country's
strong growth report," said Rhoo Yong-seok, an analyst at Hyundai Securities Co.
"It triggered foreign buying, leading to the rallies in tech, finance, and auto
sectors."
The South Korean economy grew 2.3 percent in the second quarter from three months
earlier as a set of economic stimulus packages boosted consumer spending and
exports improved, according to the Bank of Korea, the country's central bank.
Hynix Semiconductor traded more than 7 percent higher as analysts forecast the
chip giant would swing to profit in the third quarter on expectations for rising
key chip prices.
The local currency was trading at 1,246.35 won to the U.S. dollar as of 11:20
a.m., up 3.25 won from Friday's close.
ylee@yna.co.kr
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