Seoul shares 1.59 pct up in late morning

SEOUL, Aug. 24 (Yonhap) -- South Korean stocks traded 1.59 percent higher late
Monday morning as foreign investors continued their buying amid economic recovery
hopes, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.07 points to
1,606.05 as of 11:20 a.m.
"The Seoul bourse got a boost from gains in U.S. markets as investors bet on a
fast recovery of the global economy," said Lee Sun-yup, an analyst at Goodmorning
Shinhan Securities Co. "But the market seemed to react too positively to signs
that the economy is improving."
The KOSPI surpassed the 1,600-point mark for the first time since July 31, 2008
as offshore investors continued to pick up local stocks.
Tech and automaking shares led the market rally. Market leader Samsung
Electronics advanced 3.04 percent and top carmaker Hyundai Motor climbed 4.85
percent.
U.S. markets closed sharply higher Friday, buoyed by improving data on
existing-home sales and upbeat remarks on an economic recovery by Federal Reserve
Chairman Ben Bernanke. The Dow Jones industrial average climbed 1.67 percent and
the tech-laden Nasdaq composite index rose 1.59 percent.
The local currency was trading at 1,244.1 won to the U.S. dollar as of 11:20
a.m., up 5.75 won from Friday's close.
sooyeon@yna.co.kr
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