Seoul stocks down 2.79 pct on shipbuilder, bank losses

SEOUL, Dec. 29 (Yonhap) -- South Korean stocks traded 2.79 percent lower late
Monday morning as investors dumped shipbuilders, banks and other large-cap issues
amid dimmed economic outlooks, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 31.19 points to
1,086.67 as of 11:20 a.m.
"The index seemed to be weighed down by cash outflows for dividend payouts,
coupled with volatile market sentiment with lower expectations for a year-end
rally," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities Co.
Adding to the glum market mood, the National Pension Service, the nation's
largest institutional investor, said earlier that it will trim its investment
ratio in equity markets by nearly 10 percentage points for next year, reflecting
worldwide bearish stock markets.
Most large-cap shares lost significant ground, with shipbuilders and banks
leading the downturn. Tech issues also expanded the losses, with industry leader
Samsung Electronics tumbling 3.62 percent.
The local currency was trading at 1,285.75 won to the U.S. dollar as of 11:20
a.m., up 13.25 won from Friday's close.
kokobj@yna.co.kr
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