Monday, July 25, 2011

Seoul shares open down on U.S. debt fears; POSCO drops

SEOUL: Seoul shares opened lower on Monday as the U.S. stalemate over a a debt ceiling deal raised fears of a potential default in the world's largest economy.

Shares in POSCO fell 1.5 percent after the world's No.3 steelmaker on Friday warned of weakening demand growth and persistently high input costs in the second half, after posting a forecasting-meeting quarterly profit.

The Korea Composite Stock Price Index (KOSPI) was down 0.97 percent at 2,150.23 points as of 0002 GMT. ' Reuters

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