Seoul stocks up 1.86 pct in late morning

SEOUL, Jan. 7 (Yonhap) -- South Korean stocks gained 1.86 percent in late
Wednesday morning as a government stimulus measure sharply raised builders,
analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 22.23 points to
1,216.51 as of 11:20 a.m.
"Builders gained substantially as they are forecast to be the biggest
beneficiaries of a state-initiated 'green new deal',"said Bae Sung-yong, an
analyst at Hyundai Securities.
The government unveiled on Tuesday a 50 trillion won (US$38.8 billion) "green"
development plan to refurbish the nation's four major rivers and build
eco-friendly homes and offices in a bid to boost employment.
Shipbuilders also traded substantially higher on a market report their earnings
may turn out stronger than expected.
The local currency was trading at 1,289.70 won to the U.S. dollar as of 11:20
a.m., up 22.8 won from Tuesday's close.
pbr@yna.co.kr
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