Seoul shares trade 1.58 pct higher in late morning

SEOUL, Sept. 16 (Yonhap) -- South Korean stocks traded 1.58 percent higher late
Wednesday morning as investors took comfort in overnight gains in U.S. markets,
analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 26.13 points to
1,679.53 as of 11:20 a.m.
"Wall Street gains continued to give a boost to the Seoul bourse. Foreign
investors' buying of local stocks contributed to the KOSPI's robust gain," said
Bae Sung-young, an analyst at Hyundai Securities.
The KOSPI is set to reach a fresh yearly high after hitting a 14-month high on
Tuesday, boosted by gains in steelmakers and financial shares. Most shares traded
in positive territory, led by tech and financial issues.
U.S. shares extended gains Tuesday, boosted by Federal Reserve Chairman Ben
Bernanke's comment that the recession is very likely over and positive
manufacturing and retail data. The Dow Jones industrial average rose 0.59 percent
to a yearly high.
The local currency was trading at 1,212.35 won to the U.S. dollar as of 11:20
a.m., up 6.15 won from Wednesday's close and marking the strongest level this
year.
sooyeon@yna.co.kr
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