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RPT-Seoul shares shed gains; down despite rate cut

Thu Oct 9, 2008 1:41am EDT

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SEOUL, Oct 9 (Reuters) - Seoul shares gave up earlier gains to trade lower despite the interest rate cut by the Bank of Korea earlier on Thursday, as investors remained uncertain about where the markets are headed amid the current global financial turmoil.

"Despite the interest rate cut, market participants still have strong doubts about whether the root of the market's problems -- the liquidity squeeze -- will be resolved," said Bae Sung-young, a market analyst at Hyundai Securities.

The Korea Composite Stock Price Index was down 0.14 percent at 1,284.74 points as of 0535 GMT.

(Reporting by Park Jung-youn; editing by Jonathan Hopfner)



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