Seoul shares open lower on Wall Street setbacks

SEOUL, May 22 (Yonhap) -- South Korean stocks started lower Friday as investor sentiment was hurt by overnight pullbacks in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.21 points, or
0.86 percent, to 1,409.44 in the first 15 minutes of trading.
Shares started mixed, with tech and steel shares losing ground. Financial shares,
however, continued their upward move for a second straight day.
On Thursday, Wall Street retreated amid worries that Britain's credit rating
could be downgraded due to rising debt levels. Investor fears that British woes
could herald similar trouble for the U.S. drove the Dow Jones industrial average
down 1.54 percent.
The local currency was trading at 1,238.25 won to the U.S. dollar as of 9:15
a.m., up 10.35 won from Thursday's close.