Seoul shares up 2.32 pct in late morning

SEOUL, Nov. 27 (Yonhap) -- South Korean stocks traded 2.32 percent higher late Thursday morning, as a recent Wall Street winning streak bolstered investor sentiment here, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 23.87 points to
1,053.65 as of 11:20 a.m.
"Investor jitters seemed to be eased following U.S. market rallies, driven by
stepped-up global efforts to fight an economic recession," said Rhoo Yong-seok an
analyst at Hyundai Securities. "Foreigners continued their net buying of local
shares, helping the index gain more momentum."
Market sentiment was lifted recently on intensifying global efforts to fight a
worldwide recession in the wake of the financial turmoil, with the European Union
announcing a large-scale economic stimulus package and China cutting its key
interest rate the previous day.
On Wednesday, U.S. stocks closed up on renewed hopes that the government will
bail out struggling automakers. The Dow Jones industrial average jumped 2.91
percent, rising for a fourth straight session, while the tech-dominated Nasdaq
composite index rose 4.6 percent.
The local currency was trading at 1,484.1 won to the U.S. dollar as of 11:20
a.m., down 6 won from Wednesday's close.
The decline comes after the won opened higher on news reports that South Korea
posted a record-high current account surplus in October and that the central bank
will borrow US$4 billion from the Federal Reserve next week under a currency swap
deal aimed at providing dollars to cash-strapped local banks.
kokobj@yna.co.kr
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