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STOCKS - SEOUL STOCKS LOWER IN MORNING TRADE - JULY 1, 2008.
SEOUL, July 1 Asia Pulse - South Korean stocks traded lower late Tuesday morning as investors were worried that a global economic slowdown could eat into the earnings of export-driven tech companies like Samsung Electronics, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.54 points, or 0.81 percent, to 1,661.38 as of 11:20 a.m.
"The market opened higher but soon reversed course as major tech companies lost significant ground," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities Co. "Investor sentiment towards tech companies remained fragile as a global economic slowdown coupled with rising prices of oil and other commodities might hurt their overseas sales."
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