Seoul stocks up 0.88 pct in late morning

SEOUL, July 16 (Yonhap) -- South Korean stocks traded 0.88 percent higher late
Thursday morning as overnight rallies in U.S. markets prompted purchases in
shipyards and financial shares, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.52 points to
1,433.38 as of 11:20 a.m.
Most shares traded in positive territory, with banks, brokerages and shipbuilding
companies among the sharp climbers. Telecoms, however, lost ground.
U.S. markets closed higher Wednesday on brisk corporate earnings and eased
economic woes, with the Dow Jones industrial average jumping 3.07 percent and the
Nasdaq composite index soaring 3.51 percent.
The local currency was trading at 1,265.15 won against the U.S. dollar as of
11:20 a.m., up 13.35 won from Wednesday's close.
kokobj@yna.co.kr
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