Seoul shares down 0.26 pct in late morning

SEOUL, Dec. 9 (Yonhap) -- South Korean stocks traded 0.26 percent lower late
Tuesday morning as investors locked in profits from the previous session's steep
gains, analysts said.

Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI)
declined 2.85 points to 1,102.2 as of 11:20 a.m.
"The Seoul bourse turned weaker as investors took profit from the previous
session's 7 percent rally, but as foreign investors picked up stocks and the
local currency gained to the dollar, market sentiment was not that bad
generally," said Bae Sung-young, an analyst at Hyundai Securities Co.
Bae said China-related stocks like shipbuilders and steelmakers gained ground
while tech shares traded in negative territory.
U.S. stocks rallied Monday as President-elect Barack Obama's pledge to increase
infrastructure spending lifted market sentiment. The Dow Jones industrial average
rose 3.46 percent and the tech-dominated Nasdaq composite index soared 4.14
percent.
The local currency was trading at 1,443.45 won to the U.S. dollar as of 11:20
a.m., up 4.85 won from Monday's close.
sooyeon@yna.co.kr
(END)