Seoul shares down 1.05 pct in late morning

SEOUL, Feb. 10 (Yonhap) -- South Korean stocks traded 1.05 percent lower late
Tuesday morning as investors took a breather ahead of an announcement of a U.S.
bank bailout plan, analysts said.
Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI)
dipped 12.65 points to 1,190.04 as of 11:20 a.m.
"Foreign investors ended a buying spree of nine days straight. All eyes are on
the imminent passage of the U.S. economic stimulus package and its bank rescue
plan," said Bae Sung-young, an analyst at Hyundai Securities Co. "Unless overseas
markets are underpinned, the Seoul bourse will not gain momentum."
Foreign investors were selling local stocks more than buying them, putting
downward pressure on the KOPSI. U.S. Treasury Secretary Timothy Geithner on
Tuesday plans to unveil a rescue plan to shore up the beleaguered banking system
after a one-day delay.
The local currency was trading at 1,389.35 won to the U.S. dollar as of 11:20
a.m., down 8.35 won from Monday's close.
sooyeon@yna.co.kr
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