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SKorean shares open lower on profit-taking


Published : Tue, 30 Oct 2007 01:18
By : Agencies
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SEOUL (Thomson Financial) - South Korean shares opened lower amid erratic trade Tuesday as strong profit-taking weighed against hopes for a further rally following the Federal Open Market Committee meeting in the US.

Investors welcomed Wall Street's overnight rally and the positive monthly current surplus data for South Korea, but were unsettled by record high oil prices and sharp fluctuations in forex rates.

Crude oil futures soared above 93 dollars a barrel for the first time on the New York Mercantile Exchange Monday after Mexico's state oil company suspended about a fifth of its oil production due to a storm.

At 9:12 am (0012 GMT), the KOSPI index was down 10.14 points or 0.5 percent at 2,052.78 after rising as high as 2,066.

eunkyung.seo@thomson.com

-

es/ng

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