Seoul shares nearly flat in late morning trade

SEOUL, Jan. 28 (Yonhap) -- South Korean stock traded almost unchanged late Thursday morning as investors took a breather amid renewed concerns over a global economic downturn.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.18 point, or 0.01 percent, to 1,897.69 as of 11:20 a.m.

The index opened 0.5 percent lower due to disappointing messages from the U.S. Fed and the subsequent fall on Wall Street, but it paired earlier losses thanks to the solid buying by institutions.

Overnight, Wall Street tumbled after the central bank flagged concerns over the economic slowdown, pointing to weak exports and slowed inventory investment.

Blue chips were mixed, with tech losses being offset by gains by steel and construction shares.

Market bellwether Samsung Electronics skidded 2.38 percent lower after it reported a sharp drop in fourth-quarter profit due to sluggish smartphone and chip sales.

Top steelmaker POSCO advanced 1.74 percent, and Samsung C&T jumped 3.19 percent.

The local currency was trading at 1,206.7 won against the U.S. dollar as of 11:20 a.m., down 4.7 won from Wednesday's close.

graceoh@yna.co.kr
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