Seoul stocks trade 0.56 pct higher in late morning

SEOUL, Aug. 28 (Yonhap) -- South Korean stocks traded 0.56 percent higher late
Friday morning as investors hunted for bargains after falls in the previous
session, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 8.94 points to
trade at 1,608.27 as of 11:20 a.m.
"Following substantial tumbles on Thursday, investors went bargain hunting,
bolstered by strong finishes on Wall Street and strong foreign buying," said Kwak
Joong-bo, an analyst at Hana Daetoo Securities.
The Seoul index will have to find some underpinning news to break out of its
tight trading range, currently bound around the 1,600-mark, Kwak said.
The local currency was trading at 1,244.7 won to the U.S. dollar, up 4.2 won from
Thursday's close.
pbr@yna.co.kr
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