Seoul stocks edge up 0.08 pct in late morning

SEOUL, Jan. 2 (Yonha) -- South Korean stocks inched up 0.08 percent late Friday
morning in the first session for 2009, lifted by a shipbuilder rally, analysts
said.
The benchmark Korea Composite Stock Price Index (KOSPI) added 0.88 points to
1,125.35 as of 11:20 a.m.
"Shipbuilders helped boost the local bourse as investors expected an uptick in
vessel orders down the road," said Lim Tae-keun, an analyst at Daewoo Securities.
Bank stocks, however, weighed down on the key index on concerns over a potential
rise in corporate insolvencies amid worsening business conditions, said Lim.
The top three shipbuilders surged by 5-11 percentage points after a report
Tuesday showed annual sales of Hyundai Heavy Industries, the biggest dockyard,
rose 26 percent last year.
The local stock market opened an hour later than usual at 10:00 a.m. after ending
the 2008 trading year on Tuesday.
The local currency was trading at 1,321.95 won to the U.S. dollar as of 11:20
a.m., down 62.45 won from Tuesday's close.
pbr@yna.co.kr
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