Seoul shares down 0.49 pct in late morning

SEOUL, Aug. 25 (Yonhap) -- South Korean stocks traded 0.49 percent lower late
Tuesday morning as investors locked in profits from the previous session's sharp
gains, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 7.94 points to
1,604.28 as of 11:20 a.m.
"The Seoul bourse traded weaker as investors tried to take profits. But as
foreign investors continue to buy stocks and hopes for an economic recovery take
hold, the Korean market will likely maintain its upward momentum," said Kwak
Joong-bo, an analyst at Hana Daetoo Securities Co.
The KOSPI hit a 13-month high on Monday as investors snapped up tech, automaker
and financial shares on growing optimism for an economic recovery.
The local currency was trading at 1,246.7 won to the U.S. dollar as of 11:20
a.m., down 6.7 won from Monday's close.
sooyeon@yna.co.kr
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