Seoul shares up 0.8 pct in late morning trade

SEOUL, Jan. 27 (Yonhap) -- South Korean stocks traded 0.83 percent higher late Wednesday morning as investors picked up tech bargains, buoyed by a recovery in oil prices and hopes for a dovish message from the U.S. central bank.

The benchmark Korea Composite Stock Price Index (KOSPI) added 15.62 points to 1,887.31 as of 11:20 a.m.

Following big losses in the previous session due mainly to disappointing corporate profits, investors turned to the local market as global oil prices rebounded after the OPEC chief's renewed calls for production cuts, which also caused Wall Street to rally overnight.

With all eyes on the U.S. Fed's Federal Open Market Committee meeting that kicked off on Tuesday (U.S. time), it is widely expected for the central bank to freeze the target rates and to take cautious steps further in belt-tightening to ease wobbling global markets. The Fed statement is due on Wednesday afternoon.

Tech and chemicals led the gains, with market bellwether Samsung Electronics surging 1.14 percent and industry leader LG Chem spiking 4.85 percent.

The local currency was trading at 1,201.0 won against the U.S. dollar as of 11:20 a.m., up 3.0 won from Tuesday's close.

graceoh@yna.co.kr
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