Seoul shares down 0.42 pct in late morning

SEOUL, Sept. 2 (Yonhap) -- South Korean stocks dropped 0.42 percent late
Wednesday morning as investors took a cue from sharp overnight falls on Wall
Street, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 6.74 points to
1,616.32 as of 11:20 a.m.
U.S. stocks tumbled Tuesday, led by financial shares, amid fears of a market
correction. The Dow Jones industrial average dipped 1.96 percent and the Nasdaq
composite index dropped 2 percent.
A rising Chinese stock market on Wednesday, however, helped pare earlier steep
losses in the Seoul bourse, giving investors some comfort, analysts said.
The local currency was trading at 1,247.6 won to the U.S. dollar as of 11:20
a.m., down 7 won from Tuesday's close, as foreign investors sold local stocks.
ygkim@yna.co.kr
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