Seoul shares up 0.68 pct in late morning

SEOUL, Jan. 13 (Yonhap) -- South Korean stocks traded 0.68 percent higher late
Tuesday morning as foreign and retail investors hunted for bargains following
recent losses, analysts said.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
gained 7.86 points to 1,164.61 as of 11:20 a.m.
"Falls in the past three sessions prompted foreign and retail investors to pick
up beaten-down shares," said Lee Sun-yup, an analyst at Goodmorning Shinhan
Securities Co.
"The market seems to have already been priced in weaker fourth-quarter earnings
reports, but at the same time there is no good news in sight and the KOSPI is
likely to trade in a narrow range."
South Korea's listed companies are set to announce their fourth-quarter earnings
starting Thursday, led by top steelmaker POSCO.
The local currency was trading at 1,361.25 won to the U.S. dollar as of 11:20
a.m., down 2.25 won from Monday's close.
sooyeon@yna.co.kr
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