Seoul shares down 2.76 pct in late morning

SEOUL, Jan. 20 (Yonhap) -- South Korean stocks traded 2.76 percent lower late
Tuesday morning as investor sentiment was dented by gloomy corporate earnings
outlooks and a slowing economy, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 31.77 points to
1,118.88 as of 11:20 a.m.
"Investors are jittery as concerns linger over falls in large-cap stocks," said
Sung Jin-kyung, an analyst at Daeshin Securities Co.
Sung said fourth-quarter earnings of several large-cap companies are widely
expected to fall short of market expectations due to a global economic slump.
Market leader Samsung Electronics and LG Electronics are slated to release their
fourth-quarter earnings reports later this week.
The local currency was trading at 1,375.10 won to the U.S. dollar as of 11:20
a.m., down 12.60 won from Monday's close.
ygkim@yna.co.kr
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