Seoul shares down 1.79 pct on recession woes

SEOUL, Nov. 24 (Yonhap) -- South Korean stocks plunged 1.79 percent in a volatile
session late Monday morning on deepening concerns over a global economic
slowdown, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.97 points to
985.76 as of 11:20 a.m. after drifting in and out of positive territory in early
trading.
"Despite a strong start thanks to Wall Street rallies in the previous session,
jitters set in again over a possible economic slowdown, sparking sell-offs across
the board," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
U.S. stocks took a late-session rally Friday on news reports that President-elect
Barack Obama is ready to tap New York Fed president Timothy Geithner as the next
treasury secretary.
The news helped ease uncertainty over the incoming government's economic policy,
sending the Dow Jones industrial average surging over 6 percent.
The local currency was trading at 1,501.55 won to the U.S. dollar as of 11:20
a.m., down 6.55 won from Friday's close.
kokobj@yna.co.kr
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