Seoul shares trade lower in late morning

By Kim Soo-yeon
SEOUL, June 4 (Yonhap) -- South Korean stocks traded 0.54 percent lower late
Thursday morning as investors dumped financial and steel shares following
overnight falls in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 7.64 points to
1,407.25 as of 11:20 a.m.
"Foreign investors took a breather following the market's recent gains," said Lee
Sun-yup, an analyst at Goodmorning Shinhan Securities Co. "But given bargain
hunting by retail investors and the index's moderate fall, the momentum in the
local bourse is not that bad."
U.S. markets closed lower Wednesday as weaker data on private sector employment
dented hopes for an early economic recovery. The Dow Jones industrial average
dipped 0.75 percent and the tech-laden Nasdaq composite index declined 0.59
percent.
The Korean currency's weakness helped boost exporters, including tech and
automaker shares. Market leader Samsung Electronics advanced 2.36 percent and top
carmaker Hyundai Motor gained 3.77 percent.
The local currency was trading at 1,243.8 won to the U.S. dollar as of 11:20
a.m., down 10.6 won from Wednesday's close.
sooyeon@yna.co.kr
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