Seoul shares down 0.53 pct in late morning

SEOUL, June 17 (Yonhap) -- South Korean stocks traded 0.53 percent lower late
Wednesday morning as investors dumped large-cap shares, taking a cue from
overnight pullbacks in U.S. markets, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.43 points to
1,391.72 as of 11:20 a.m.
Major shares traded in negative territory with steel and financial companies
weighing on the market. Tech issues traded higher, keeping the index from falling
further. Auto issues also remained strong.
The fall comes after Wall Street closed down for a second straight day Tuesday on
dimmer outlooks for a quick economic recovery. The Dow Jones industrial average
dropped 1.25 percent and the tech-laden Nasdaq composite index also slid 1.11
percent.
The local currency was trading at 1,259.8 won to the U.S. dollar as of 11:20
a.m., down 2.3 won from Tuesday's close.
kokobj@yna.co.kr
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