Seoul shares down 1.14 pct in late morning

SEOUL, Jan. 12 (Yonhap) -- South Korean stocks traded 1.14 percent lower late
Monday morning as investor sentiment was hurt by concerns of a global recession
following falls in U.S. markets, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 13.49 points to
1,167.47 as of 11:20 a.m.
"Investors were dumping shares amid concerns over the economic downturn and
cautions over the fourth-quarter earnings season," said Bae Sung-young, an
analyst at Hyundai Securities Co. "As dismal recent economic data point to
deepening economic woes, local companies' fourth-quarter bottom lines are not
likely to be good."
South Korea's listed companies are set to announce their fourth-quarter earnings
starting Thursday, led by top steelmaker POSCO.
U.S. stocks closed lower Friday on deteriorating job market data, deepening fears
over the nation's economic recession. The Dow Jones industrial average fell 1.64
percent and the tech-dominated Nasdaq composite index shed 2.81 percent.
The local currency was trading at 1,360.70 won to the U.S. dollar as of 11:20
a.m., down 17.7 won from Friday's close.
sooyeon@yna.co.kr
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