Seoul shares open lower on weak investment sentiment

SEOUL, Jan. 4 (Yonhap) -- South Korean stocks started weaker Monday in the first
trading session of 2010 as the debt rescheduling plans of two cash-strapped Kumho
Asiana Group units rattled investor sentiment, analysts said.

Amid range-bound trading, the benchmark Korea Composite Stock Price Index (KOSPI)
declined 0.28 point, or 0.02 percent, to 1,682.49 in the first 15 minutes of
trading.
On Wednesday, Kumho Asiana Group asked its creditors to place Kumho Industrial
Co. and Kumho Tire Co. under a debt workout scheme to help it ease a worsening
cash shortage sparked by a series of reckless takeover moves.
U.S. stocks closed sharply lower Thursday as investors locked in profits at
year-end. The Dow Jones industrial average declined 1.14 percent and the
tech-laden Nasdaq composite index shed 0.97 percent.
The local currency was trading at 1,159.35 won to the U.S. dollar as of 10:15
a.m., down 5.15 won from Wednesday's close. The local stock market opened an hour
later than usual at 10:00 a.m. after ending the last session of 2009 on
Wednesday.
sooyeon@yna.co.kr
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