Seoul shares up 0.84 pct in late morning

SEOUL, July 31 (Yonhap) -- South Korean stocks traded 0.84 percent higher late
Friday morning as foreign investors continued their buying on solid earnings
reports, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.88 points to
1,547.62 as of 11:20 a.m.
"The growth momentum, driven by corporate earnings reports, could ease down the
road, but the direction for the market will likely be upward," said Bae
Sung-young, an analyst at Hyundai Securities. "But the won's ascent against the
U.S. dollar is feared to weigh on shares of exporters."
KB Financial Group, the parent company of top lender Kookmin Bank, declined 3.3
percent, hit by its worse-than-expected second quarter earnings. Rival Shinhan
Financial Group, however, advanced 2.48 percent on a solid earnings report.
The local currency was trading at 1,231.55 won to the U.S. dollar as of 11:20
a.m., up 5.25 won from Thursday's close.
sooyeon@yna.co.kr
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