Seoul shares down 0.05 pct in late morning

By Kim Soo-yeon

SEOUL, July 2 (Yonhap) -- Reversing earlier gains, South Korean stocks traded 0.05 percent lower late Thursday morning as investors await the release of U.S. job data for clues about an economic recovery, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.66 point to 1,411
as of 11:20 a.m.
"Foreign investors' futures selling limited the market's earlier upward move.
Investors took a breather ahead of the release of data on the U.S. jobless rate,"
said Bae Sung-young, an analyst at Hyundai Securities Co. "The KOSPI's direction
will hinge on the job market data and corporate earnings results."
The KOSPI started higher, taking a cue from overnight gains in U.S. markets, but
it traded in a tight range in early trading amid cautions ahead of the
announcement on key economic data, analysts say.
U.S. markets rose Wednesday as investors took comfort from improving
manufacturing and housing data. The Dow Jones industrial average added 0.68
percent and the tech-laden Nasdaq composite index rose 0.58 percent.
The local currency was trading at 1,266.7 won to the U.S. dollar as of 11:20
a.m., up 1 won from Wednesday's close.