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Seoul shares up 0.44 pct in late-morning trade

May 29, 2013 - 11:55 By KH디지털3

South Korean stocks traded 0.44 percent higher late Wednesday morning as investor sentiment was relieved by solid U.S. economic data and prospects for central banks' loose monetary policies, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.69 points to 1,994.91 as of 11:20 a.m.
STX Pan Ocean, STX Group's troubled shipper, jumped by the daily limit of 15 percent on speculation that the state-run Korea Development Bank would take over the shipper.
Market leader Samsung Electronics rose 0.74 percent and flat panel giant LG Display gained 3.34 percent.
But power monopoly Korea Electric Power Corp. declined 5.41 percent on concerns that the government's Tuesday decision to halt operations of two nuclear reactors may cause problems in supplying electricity ahead of the summer peak season.
U.S. stocks gained ground on Tuesday as central banks in the eurozone and Japan vowed to keep their monetary easing stances. U.S. consumer confidence rose to the highest level since 2008, data showed.
The Dow Jones industrial average hit a fresh record high by rising 0.69 percent and tech-laden Nasdaq composite index gained 0.86 percent.
The local currency was changing hands at 1,131.25 won agains the greenback, down 4.35 won from Tuesday's close. (Yonhap News)