Seoul shares up 1.82 pct in late morning

By Lee Youkyung
SEOUL, Aug. 14 (Yonhap) -- South Korean stocks traded 1.82 percent higher late
Friday morning as investors scooped up bank issues and other large-caps following
overnight Wall Street gains, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 28.53 points to
1,593.17 as of 11:20 a.m., snapping a two-session losing streak.
"Banks are leading the advance on reduced concerns about third-quarter earnings
prospects for U.S. lenders," said Kim Byung-yeon, an analyst at Woori Investment
and Securities. "Foreign buyers are also sending large-cap tech shares higher,
fueling a broader rally."
Market bellwether Samsung Electronics and leading steel maker POSCO both added
nearly 3 percent. Korea Exchange Bank, the No. 5 lender controlled by U.S. firm
Lone Star, soared more than 3 percent.
The local currency was trading at 1,232.6 won to the greenback as of 11:20 a.m.,
up 4.9 won from Thursday's close.
ylee@yna.co.kr
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