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Seoul shares inch down after strong start

   South Korean stocks lost ground on Monday after a strong start as investors unloaded tech blue chips and bank shares, analysts said.

   The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.29 points, or 0.06 percent, to trade at 2,139.21 in the first 15 minutes of trading.

   The KOSPI touched a record high of 2,149.45 as soon as the market opened, but tech and financial shares increased their losses, analysts said.

   Investors brushed off China's hike of the reserve ratio as the move was widely priced in. China on Sunday raised the amount of money that commercial banks should set aside as the reserve at the central bank in a bid to mop up ample liquidity.

   The local currency was trading at 1,089.20 won to the U.S. dollar as of 9:15 a.m., up 0.7 won from Friday's close.

(Yonhap News)

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