Seoul shares down 0.53 pct in late morning

By Lee Youkyung

SEOUL, Dec. 18 (Yonhap) -- South Korean stocks traded 0.53 percent lower late Friday morning as investors were spooked by a rebounding dollar and overnight setbacks on Wall Street, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) slid 8.67 points to
1,639.17 as of 11:20 a.m.
On Thursday, U.S. markets finished lower as the U.S. currency rebounded and
analysts cut earnings estimates of top financial services firms. The Dow Jones
industrial average declined 1.27 percent and the tech-focused Nasdaq composite
index dropped 1.22 percent.
Financial shares were among the biggest losers, tracking the falls of their U.S.
counterparts. KB Financial Group and Woori Financial Holdings sank more than 3
percent.
The local currency was trading at 1,174.70 won to the greenback as of 11:20 a.m.,
up 3.20 won from Thursday's close.
ylee@yna.co.kr
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