Seoul shares turn lower on utility, shipyard losses

South Korean stocks turned lower after opening a tad higher Wednesday, led by losses in utilities and shipyards, analysts said.

The benchmark Korea Composite Stock Price Index inched down 1.87 points, or 0.09 percent, to 2,042.78 in the first 15 minutes of trading.

State-run electricity provider Korea Electric Power Corp. fell more than 1 percent, with Hyundai Heavy Industries, a major shipyard, dipping nearly 3 percent.

Insurances companies, however, started bullish. Samsung Life Insurance, the top player, rose 0.9 percent, with its nonlife affiliate Samsung Fire & Marine Insurance gaining 1.8 percent.

The local currency was trading at 1,135.90 won against the U.S. dollar as of 9:15 a.m., down 4.9 won from Tuesday's close. (Yonhap)