Seoul stocks up 0.07 pct in late morning

SEOUL, July 23 (Yonhap) -- South Korean stocks inched up 0.07 percent late Thursday morning, led by financial shares, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) increased 1.09 point to
trade at 1,495.13 as of 11:20 a.m.
Financial shares helped buoy the key index, as investors expected the National
Assembly's passage of a bill on Wednesday allowing industrial conglomerates to
take a greater stake in domestic banks would spur mergers and acquisitions in the
sector.
Tech and shipbuilder shares lost ground, however, amid volatile trading.
"Investors are locking in profits after IT firms and shipbuilders priced in their
strong second-quarter earnings," said Seo Dong-pil, an analyst at Hana Daetoo
Securities.
The local currency was trading at 1,251.4 won versus the U.S. dollar as of 11:20
a.m., down 3.4 won from Wednesday's close.