Seoul stocks down 1.1 pct in late morning

SEOUL, Feb. 12 (Yonhap) -- South Korean stocks traded down 1.1 percent late
Thursday morning as investors remained jittery over the faltering economy despite
the central bank's rate cut, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 13.14 points to
1,177.04 as of 11:20 a.m.
"The central bank's rate reduction did little to boost the key index as investors
were worried about the stagnant economy," said Kwak Joong-bo, an analyst at Hana
Daetoo Securities.
The Bank of Korea slashed the policy rate by half a percentage point to a new
record low of 2 percent in a bid to kick-start the sagging economy.
The local currency was trading at 1,386.05 won to the U.S. dollar as of 11:20
a.m., up 7.45 won from Wednesday's close.
pbr@yna.co.kr
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