Seoul stocks inch up in late morning

SEOUL, July 17 (Yonhap) -- South Korean stocks inched up late Friday morning as
investors locked in profits from a strong start, burdened by recent rallies,
analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.31 points or
0.16 percent to 1,443.53 as of 11:20 a.m. after jumping 13.38 points in early
trading. The index has closed up for the past three straight days.
Brokerage issues traded in positive territory, with telecoms rebounding from
recent setbacks. But tech shares including Samsung Electronics and automakers saw
gains trimmed on profit-taking.
On Thursday, U.S. markets closed up on tech rallies and improving earnings
outlooks. The Dow Jones industrial average rose 1.11 percent and the tech-laden
Nasdaq composite index gained 1.19 percent.
The local currency was trading at 1,263 won against the U.S. dollar as of 11:20
a.m., up 2.7 won from Thursday's close.
kokobj@yna.co.kr
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