Seoul stocks up 1.22 pct in late morning

SEOUL, May 27 (Yonhap) -- South Korean stocks traded 1.22 percent higher late
Wednesday morning, bolstered by overnight Wall Street rallies, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.79 points to
1,388.83 as of 11:20 a.m.
"The key index took upward momentum from improving consumption in the U.S. as it
struggled to dismiss North Korean nuclear risks as temporary," said Lee Jae-man,
an analyst at Tong Yang Securities.
A U.S. consumer sentiment index hit the highest level since September, sending
the Dow Jones industrial average 2.37 percent higher on Tuesday.
Local steelmakers led the market rally here as falling raw material prices are
expected to help boost their earnings.
The local currency was trading at 1,255.15 won to the U.S. dollar as of 11:20
a.m., up 7.85 percent from Tuesday's close.
pbr@yna.co.kr
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