Seoul stocks down 1.7 pct in late morning

SEOUL, Jan. 23 (Yonhap) -- South Korean stocks traded 1.7 percent lower late
Friday morning as investor sentiment was dented by overnight Wall Street falls
stemming from earnings woes, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.01 points to
1,097.22 as of 11:20 a.m.
"With a lack of upward momentum, investors were disheartened by worse corporate
earnings reports at home and abroad, " said Bae Sung-young, an analyst at Hyundai
securities.
Wall Street tumbled Thursday after software giant Microsoft Corp. posted a big
loss last quarter. The Dow Jones industrial average fell 1.28 percent and the
tech-dominated Nasdaq composite index declined 2.76 percent.
The local currency was trading at 1,391.90 won to the U.S. dollar as of 11:20
a.m., down 13.90 won from Tuesday's close.
ygkim@yna.co.kr
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