Seoul Stocks Up 1.86% in Late Morning

South Korean stocks gained 1.86 percent in late Wednesday morning as a government stimulus measure sharply raised builders.

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,"' Bae Sung-yong, an analyst at Hyundai Securities, was quoted as saying by Yonhap News.

The government unveiled 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.