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SKorean shares higher in early trade on bargain hunting, oil pullback - UPDATE

SEOUL (Thomson Financial) - South Korean shares rose on Wednesday as investors sought bargains after the KOSPI fell to a 15-month low in the previous session, with sentiment buoyed by a pullback in oil prices. At 0133 GMT, the KOSPI was up 21.60 points or 1.4 percent at 1,555.07 after closing at 1,533.47 on Tuesday, its weakest since April 20, 2007. Crude prices tumbled $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange on Tuesday, bringing oil's two-day drop to more than $9 and sending Wall Street higher. 'Investors found some relief from lower oil prices but buying is far from aggressive as worries persist,' said Kim Sung-bong, an analyst at Samsung Securities. A technical rebound up to 1,650 points for the KOSPI may be possible, but gains above that level is unlikely due to doubts whether oil prices... [read full story]                    

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