Seoul stocks up 0.81 pct in late morning

SEOUL, Jan. 29 (Yonhap) -- South Korean stocks traded 0.81 percent higher late
Thursday morning as investors bought finance and steel shares, bolstered by
overnight rallies in U.S. markets, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.36 points to
1,167.34 as of 11:20 a.m.
"Stocks continued their upward momentum, driven by overnight gains in global
markets, with brokerage, bank and steel shares leading the advance," said Choi
Soon-ho, an analyst at Eugene Investment & Securities.
He added that investors seemed to be shrugging off lackluster corporate earnings
and bleak economic indicators, expecting that increased liquidity worldwide will
help boost beaten-down stocks.
On Wednesday, U.S. stocks rallied on hopes that lawmakers will endorse a US$819
billion stimulus package. The Dow Jones industrial average rose 2.46 percent and
the tech-dominated Nasdaq composite index soared 3.55 percent. Earlier in the
day, the stimulus package passed the House of Representatives.
The local currency was trading at 1,366.7 to the U.S. dollar as of 11:20 a.m., up
9.4 won from Wednesday's close.
kokobj@yna.co.kr
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