Seoul stocks open weaker on Obama bank proposal

SEOUL, Jan. 25 (Yonhap) -- South Korean stocks started sharply lower Monday,
weighed on by a U.S. plan to curb risky investment by banks, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.33 points, or
0.91 percent, to 1,669.02 in the first 15 minutes of trading.
Foreign investors turned net sellers on concerns U.S. President Barack Obama's
proposal Thursday to restrict bank investment activities would push down market
sentiment and reduce bank earnings.
Brokerages and banking shares led the market losses here, with builders also
posting steep declines.
The local currency was trading at 1,151.20 won to the U.S. dollar as of 9:15
a.m., down 0.20 won from Friday's close.
pbr@yna.co.kr
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