Seoul shares down 0.84 pct in late morning

SEOUL, May 6 (Yonhap) -- South Korean stocks traded 0.84 percent lower late
Wednesday morning as institutional and retail investors dumped shares to lock in
profits from recent gains, analysts said.
Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI)
fell 11.70 point to 1,386.22 as of 11:20 a.m.
"Despite foreign buying, institutions and individuals took profits from the
KOSPI's recent gains," said Sung Jin-kyung, an analyst at Daeshin Investment and
Securities Co.
Foreign investors snapped up South Korean stocks for a fourth straight session,
limiting the market's fall.
The local currency was trading at 1,291.25 won to the U.S. dollar as of 11:20
a.m., down 18.75 won from Monday's close. Local financial markets were closed for
Children's Day on Tuesday.
ygkim@yna.co.kr
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