Seoul stocks down 0.12 pct in late morning

SEOUL, July 22 (Yonhap) -- South Korean stocks inched down 0.12 percent late
Wednesday morning as tech shares lost ground on profit-taking, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 1.73 point to
trade at 1,487.26 as of 11:20 a.m.
IT shares led the fall as investors booked profits from their recent gains fueled
by expectations of strong second-quarter earnings.
"Investors are taking a breather after multi-day gains, but the ongoing earnings
momentum is likely to further drive up the KOSPI down the road," said Kim
Young-joon, an analyst at SK Securities.
The local currency was trading at 1,250.45 won versus the U.S. dollar, down 1.95
won from Tuesday's close.
pbr@yna.co.kr
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