Seoul shares down 4.8 pct in late morning

SEOUL, Jan. 15 (Yonhap) -- South Korean stocks traded 4.77 percent lower late
Thursday morning as weaker U.S. economic data and dimmer corporate earnings
outlooks battered investor sentiment, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 56.4 points to
1,126.28 as of 11:20 a.m.
"Investor sentiment was hurt by concerns over the deepening global recession and
downbeat prospects for corporate earnings," said Lee Sun-yup, an analyst at
Goodmorning Shinhan Securities Co.
Steep losses caused the Korea Exchange, the bourse operator, to suspend program
trading for five minutes after the main index futures prices fell more than 5
percent. It was the first such emergency break this year.
South Korea's fourth-quarter earnings reports will be released starting Thursday,
led by steelmaker POSCO. The world's No. 4 steelmaker plans to report its bottom
line after the market closes.
The local currency was trading at 1,367.3 won to the U.S. dollar as of 11:20
a.m., down 19.8 won from Wednesday's close.
sooyeon@yna.co.kr
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