Seoul shares down 1.78 pct in late morning

SEOUL, April 21 (Yonhap) -- South Korean stocks traded 1.78 percent lower late Tuesday morning as investors dumped banks, steel and tech shares, unnerved by overnight setbacks in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 23.83 points to
1,312.56 as of 11:20 a.m.
Major shares lost substantial ground, with financial companies among the biggest
losers. Shipyards and tech exporters added to the downward slide as investors
locked in profits from recent rallies.
On Monday, Wall Street plunged on renewed concerns over the health of financial
companies, sending banking issues sharply lower. The Dow Jones industrial average
fell 3.56 percent and the tech-dominated Nasdaq composite index dived 3.88
percent.
The local currency was trading at 1,352.5 won to the U.S. dollar as of 11:20
a.m., down 17.5 won from Monday's close.