Seoul shares turn negative in late morning

SEOUL, March 27 (Yonhap) -- South Korean stocks inched down late Friday morning,
reversing earlier gains, as investors dumped shares to take profits from recent
rallies, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.03 points, or 0.08
percent, to 1,242.77 as of 11:20 a.m.
Most shares turned negative, except automakers which continued to gain sharp
ground after the government unveiled demand-boosting measures on Thursday.
The decline comes despite rallies in U.S. stocks on Thursday. The Dow Jones
industrial average rose 2.25 percent to a six-week high on better-than-expected
corporate earnings and the latest cost-cutting moves by embattled General Motors.
The local currency was trading at 1,335.5 won to the U.S. dollar as of 11:20
a.m., down 5 won from Thursday's close.
kokobj@yna.co.kr
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