Seoul shares down 0.31 pct in late morning

SEOUL, June 16 (Yonhap) -- South Korean stocks traded 0.31 percent lower late
Tuesday morning as overnight plunge in U.S. markets sparked selloffs in steel and
tech shares, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.38 points to
1,408.04 as of 11:20 a.m. after falling by as much as 17.72 points.
Most shares started sharply lower but pared losses on bargain hunting. Steel and
tech shares were still trading in negative terrain but telecoms rallied for a
second straight day amid upbeat outlooks for corporate earnings.
On Monday, Wall Street tumbled after bleaker-than-expected manufacturing data
dimmed the outlook for an economic recovery. The Dow Jones industrial average
fell 2.13 percent and the tech-laden Nasdaq composite index slid 2.28 percent.
The local currency was trading at 1,263.35 won to the U.S. dollar as of 11:20
a.m., down 1.35 won from Monday's close.
kokobj@yna.co.kr
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