Seoul stocks trade 0.16 pct lower late morning

SEOUL, May 14 (Yonhap) -- South Korean stocks traded 0.16 percent lower late
Friday morning as overnight losses on Wall Street cooled buying by foreign
investors, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.72 points to
1,691.86 as of 11:20 a.m., though it trimmed big falls earlier in the morning
thanks to solid purchases by retail investors.
Blue chips traded mixed, with market bellwether Samsung Electronics down 0.98
percent and top carmaker Hyundai Motor adding 1.06 percent.
Leading steelmaker POSCO soared almost 2 percent as it was widely expected to
become a prime bidder of Daewoo International Corp. Shares of the trading company
declined 1.29 percent.
Local financial shares lost ground tracking their U.S. peers on news that eight
banks are facing an investigation over how they rated their mortgage products.
Top financial firm KB Financial Group fell 1.56 percent and its rival Woori
Finance slid 1.78 percent.
Asiana Airlines jumped nearly 7 percent after it reported a first-quarter net
profit on Thursday thanks to increased demand for travel and cargo.
The local currency was trading at 1,132.60 won to the U.S. dollar as of 11:20
a.m., down 4.10 won from Thursday's close, as investors cut South Korean won
holdings amid bearish stock trading.
graceoh@yna.co.kr
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