Seoul shares down 1.24 pct in late morning

SEOUL, April 20 (Yonhap) -- South Korean stocks traded 1.24 percent lower late
Monday morning as investors unloaded large-cap shares to lock in profits from
recent rallies, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.48 points to
1,312.52 as of 11:20 a.m. The index closed up in 10 out of 13 trading days this
month, bolstered by massive foreign buying.
Major shares traded mixed, with shipyards and steelmakers driving the market
lower on profit-taking. Department stores, meanwhile, rose on expectations they
will post relatively solid first-quarter earnings.
The local currency was trading at 1,347.3 won to the U.S. dollar as of 11:20
a.m., down 15.3 won from Friday's close.
kokobj@yna.co.kr
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