Seoul shares trade 0.55 pct lower late morning

SEOUL, Feb. 1 (Yonhap) -- South Korean stocks traded 0.55 percent lower late
Monday morning as investors unloaded tech shares including Hynix Semiconductor,
overshadowing brisk gains of automakers, analysts said.

After range-bound trading, the benchmark Korea Composite Stock Price Index
(KOSPI) fell 8.76 points to 1,593.67 as of 11:20 a.m.
Carmakers traded in positive territory on expectations that a massive recall of
vehicles by Toyota Motor Co. will help Korean automakers increase their market
share in the U.S. Leading carmaker Hyundai Motor advanced 1.33 percent and its
affiliate Kia Motors rose 2.3 percent.
Tech blue chips lost ground led by market leader Samsung Electronics, which shed
2.3 percent.
Chip giant Hynix Semiconductor declined 3.52 percent after its creditors said
Friday they drew no bidders for a 28.07 percent stake in the chipmaker by the
Jan. 29 deadline. Earlier in the day, the creditors said they will extend the
deadline until Feb. 12.
The local currency was trading at 1,171.55 won to the U.S. dollar as of 11:20
a.m., down 9.75 won from Friday's close on reports that South Korea posted a
trade deficit of US$470 million in January on a surge in energy imports, dealers
said.
sooyeon@yna.co.kr
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