Seoul shares tumble 3.22 pct in late morning

SEOUL, Feb. 24 (Yonhap) -- South Korean stocks tumbled 3.22 percent late Tuesday
morning as investor sentiment was deeply dented by overnight setbacks in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 35.38 points to
1,064.17 as of 11:20 a.m.

"Overnight Wall Street setbacks set a gloomy tone for local shares, with
uncertainty spreading over what kind of plans the U.S. government will unveil to
bail out its troubled banking sector," said Lee Sun-yup, an analyst at
Goodmorning Shinhan Securities.

Most blue chips lost ground, with financial issues among the hardest-hit.

Shipbuilders and other shares dived on sell-offs prompted by pessimistic views
over a quick economic recovery.

On Monday, Wall Street plunged amid growing uncertainty over the government
rescue plans for the nation's leading banks including Citigroup. The Dow Jones
industrial average sank 3.41 percent, while the tech-heavy Nasdaq composite slid
3.71 percent.

The local currency also dived amid fresh fears over a financial crisis. The won
was trading at 1,510.8 won to the U.S. dollar as of 11:20 a.m., down 21.8 won
from Monday's close.

kokobj@yna.co.kr
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