Seoul shares down 2.82 pct in late morning

SEOUL, Nov. 19 (Yonhap) -- South Korean stocks tumbled 2.82 percent late
Wednesday morning as investor sentiment was hurt by worsened U.S. economic
indicators and a possible overhaul of local shipbuilding and construction
sectors, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.23 points to
1,006.93 as of 11:20 a.m.
"Worsening data from the U.S. economy and uncertainty in the future of the
shipbuilding and construction sectors, caused by pressure to restructure
themselves, is putting the key index in a correction for the time being," said
Bae Sung-yung, an analyst at Hyundai Securities.
The U.S. Labor Department reported Tuesday that the nation's wholesale prices
plunged by a record amount in October, while the American homebuilders'
confidence index for November dropped to a new all-time low.
Shipbuilders and construction shares led the overall decline as investors feared
that industry-wide restructuring could bring a halt in orders for the near
future. Tech exporters and steelmakers also traded in negative terrain.
The local currency was trading at 1,451.25 won to the U.S. dollar as of 11:20
a.m., down 6.25 won from Tuesday's close.
odissy@yna.co.kr
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