Seoul stocks up 0.4 pct in late morning

SEOUL, July 21 (Yonhap) -- South Korean stocks traded 0.4 percent higher late
Tuesday morning, lifted by continued earnings optimism, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) added 5.89 points to
trade at 1,484.4 as of 11:20 a.m.
Earnings momentum and recovery hopes lifted the KOSPI, but the main index reduced
early gains sharply as tech firms and financial shares turned lower on
profit-taking.
"Tech and financial shares are taking a breather following their lofty gains, but
strong second-quarter earnings estimates outweighed the sectors' falls," said Lee
Seung Woo, an analyst at Daewoo Securities.
The local currency was trading at 1,253.45 won versus the U.S. dollar, down 3.25
won from Tuesday's close.
pbr@yna.co.kr
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