Seoul shares 0.03 pct down in morning trade

SEOUL, July 29 (Yonhap) -- South Korean stocks traded 0.03 percent lower late
Wednesday morning as recent sharp gains prompted investors to pause, analysts
said.

Moving in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI)
inched down 0.46 point to 1,525.57 as of 11:20 a.m.
"After U.S. consumer confidence data showed the weakness of domestic demand,
foreign investors trimmed their buying of Seoul stocks," said Bae Sung-young, an
analyst at Hyundai Securities.
The KOSPI rose to an 11-month high on Tuesday as foreign investors continued to
snap up Seoul stocks and positive earnings reports lifted overall sentiment.
Shares of Kumho Asiana Group traded mixed after its chairman said Tuesday that
both he and the head of the group's chemical division will step down from their
posts, sparking concerns over a management row. Kumho Petrochemical jumped 4.76
percent while Kumho Industrial declined 5.44 percent.
The local currency was trading at 1,238.35 won to the U.S. dollar as of 11:20
a.m., down 1.85 won from Tuesday's close.