Seoul stocks trade up 1.32 pct in late morning

SEOUL, Dec. 2 (Yonhap) -- South Korean stocks traded 1.32 percent higher late
Wednesday morning as foreigners lapped up local shares on receded Dubai debt
woes, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) shot up 20.76 points to
1,590.48 as of 11:20 a.m.
Banking and brokerage shares led the key index advance as the sectors recovered
losses triggered by U.A.E-based Dubai World's standstill request in its debt
repayment.
Electronics firms also traded sharply higher on massive purchases by overseas
investors.
The local currency was trading at 1,154.8 won to the U.S. dollar as of 11:20
a.m., up 6.2 won from Tuesday's close after the nation reported its foreign
exchange reserves hit a record high $270.9 billion as of the end of November.
pbr@yna.co.kr
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