Seoul shares trade 4 pct in late morning

SEOUL, Dec. 8 (Yonhap) -- South Korean stocks traded 3.96 percent higher late
Monday morning as investor sentiment was buoyed by gains in U.S. markets,
analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 40.73 points to
1,068.86 as of 11:20 a.m.
"The Seoul bourse extended earlier gains in morning trading as institutional
investors snapped up shares across the board, tracking Wall Street gains," said
Park Suk-hyun, an analyst at Eugene Investment & Securities Co. "Beaten-down
shares like builders and shipyards gained ground."
Park said major key events affecting the market this week would be a rate-setting
meeting by the South Korean central bank and future developments regarding rescue
plans for the U.S. auto industry. If the Bank of Korea cuts its key interest rate
by 0.5 percentage point on Thursday as investors anticipate, the decision would
have a limited impact on the market.
After reversing earlier losses, U.S. stocks closed higher Friday as dismal job
reports raised some expectations for the government's aid packages. The Dow Jones
industrial average rose 3.09 percent and the tech-dominated Nasdaq composite
index soared 4.41 percent.
The local currency was trading at 1,463 won to the U.S. dollar as of 11:20 a.m.,
up 12.5 won from Friday's close.
sooyeon@yna.co.kr
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