Seoul shares down 0.6 pct in late morning

By Kim Soo-yeon
SEOUL, July 3 (Yonhap) -- South Korean stocks traded 0.6 percent lower late
Friday morning as investor sentiment was hurt by worse-than-expected U.S. job
reports, renewing woes about an outlook for an global economic recovery, analysts
said.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 8.42 point to
1,403.06 as of 11:20 a.m.
"The Seoul bourse started heavily lower on bleaker U.S. jobs data, but it
recouped most of its losses as investors seemed to think their reaction was
excessive," said Hwang Bin-ah, an analyst at Kyobo Securities Co.
Wall Street tumbled Thursday as the U.S. jobless rate hit a 26-year high in June
and job losses accelerated more than expected. The Dow Jones industrial average
declined 2.63 percent and the tech-laden Nasdaq composite index declined 2.67
percent.
The local currency was trading at 1,272.8 won to the U.S. dollar as of 11:20
a.m., down 3.3 won from Thursday's close.
sooyeon@yna.co.kr
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