Seoul shares trade 0.27 pct higher in late morning

By Kim Soo-yeon
SEOUL, June 29 (Yonhap) -- South Korean stocks traded 0.27 percent higher late
Monday morning as investors picked up shares of Daewoo Engineering & Construction
Co. amid its parent group's plan to sell the builder, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) added 3.75 points to
1,398.28 as of 11:20 a.m.
"The local stock index marginally rose on institutional and foreign buying. But
the Seoul bourse is expected to trade in a tight range for the time being as
investors await second-quarter corporate earnings reports," said Bae Sung-young,
an analyst at Hyundai Securities Co.
Daewoo Engineering & Construction jumped 11.28 percent after Kumho Asiana Group
said Sunday that it will sell the builder in an effort to avert a worsening
liquidity problem.
Shares of Kumho Asiana Group also gained ground on expectations that a possible
sale of Daewoo Engineering might abate its liquidity squeeze. Kumho Industrial
Co. advanced 5.59 percent and No. 2 carrier Asiana Airlines added 2.57 percent.
The local currency was trading at 1,286.45 won to the U.S. dollar as of 11:20
a.m., down 2.15 won from Friday's close.
sooyeon@yna.co.kr
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