Seoul stocks down 0.6 pct in morning trade

SEOUL, May 21 (Yonhap) -- South Korean stocks traded 0.6 percent lower late
Thursday morning as bleak outlooks for a quick economic recovery set off selling
in tech and auto exporters, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.66 points to
1,427.04 as of 11:20 a.m.
Tech and auto losses drove the market lower, with industry leader Samsung
Electronics and smaller chipmaker Hynix Semiconductor losing ground. Leading
carmaker Hyundai Motor fell but brokerage and bank shares rebounded from weak
starts.
On Wednesday, Wall Street retreated as the Federal Reserve trimmed the nation's
2009 growth outlook and painted a bleaker picture for labor markets. The Dow
Jones industrial average fell 0.62 percent and the Nasdaq composite index shed
0.39 percent.
The local currency was trading at 1,247.65 won to the U.S. dollar as of 11:20
a.m., up 3.35 won from Wednesday's close.
kokobj@yna.co.kr
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