Seoul shares trade 0.21 pct lower late morning

SEOUL, Jan. 5 (Yonhap) -- South Korean stocks traded 0.21 percent lower late
Tuesday morning as automakers and shipbuilders lost ground with shares of Kumho
Asiana Group weighing down the key index, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 3.62 points to
1,692.52 as of 11:20 a.m.
The KOSPI touched the 1,700-point mark as soon as the market opened, but it soon
pulled back as investors turned cautious following recent gains, analysts said.
Shares of cash-strapped Kumho Asiana Group tumbled after the group said it will
cut jobs and raise 1.3 trillion won (US$1.1 billion) by selling its units' own
assets as part of a restructuring plan. Shares of Kumho Industrial and Kumho
Tire, which were set to be placed under a creditors-led debt rescheduling
program, plunged by the daily limit of 15 percent.
The local currency was trading at 1,146.40 won to the U.S. dollar as of 11:20
a.m., up 8.40 won from Monday's close and marking the strongest level since late
September 2008.
sooyeon@yna.co.kr
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