(Updates to mid-morning) 
    SEOUL, Nov 1 (Reuters) - Seoul stocks turned flat after 
hitting a record on Thursday, as car makers dropped ahead of 
monthly sales data, while investors grew jittery over the won's 
<KRW=> surge to a 10-year high against the dollar and runaway oil 
prices. 
    A Federal Reserve rate cut and its positive view of the 
economy helped brighten the outlook for South Korea's No.2 export 
market, lifting some exporters such as LG.Philips LCD. 
    South Korea's exports in October rose a faster-than-expected 
24.2 percent from a year earlier, data showed on Thursday, 
reinforcing expectations for accelerating growth in Asia's 
fourth-largest economy. [ID:nSEV000210] 
    But steel makers such as POSCO <005490.KS> extended falls on 
the prospects of weak fourth-quarter earnings, and Woori 
Financial Group <053000.KS>, South Korea's No.3 financial 
services firm, dropped 2.8 percent to 18,950 won ahead of its 
quarterly results announcement. 
    "Though the Fed's rate cut is a sure positive to market 
sentiment, there is almost the same level of caution over the 
pace of a rally. With most of the good news out of the bag, I see 
a good chance of a correction," said Lee Woo-hyun, a market 
analyst at Kyobo Securities. 
    "There's no further strong momentum to drive up stocks, while 
oil prices and the won's relentless rise are posing a burden, so 
the market's likely to take a breather in November." 
    The Korea Composite Stock Price Index <.KS11> was down 0.03 
percent at 2,064.16 points by 0117 GMT, after earlier hitting an 
all-time high of 2,085.45 points. 
    The Federal Reserve cut U.S. interest rates by a 
quarter-percentage point on Wednesday to buffer the economy from 
a housing downturn, but suggested further rate reductions were 
far from a sure bet. [ID:nN31287326] 
    Firms with big overseas earnings advanced, with Hynix 
Semiconductor <000660.KS> gaining 1.8 percent to 25,450 won and 
LG.Philips LCD <034220.KS> jumping 3.96 percent to 51,200 won. 
    But car makers dropped as they were due to announce October 
sales data later in the session. Market leader Hyundai Motor Co 
<005380.KS> lost 2.82 percent to 69,000 won and second-ranked Kia 
Motors Corp <000270.KS> shed 0.97 percent to 10,250 won. 
    POSCO Co Ltd <005490.KS>, the world's fourth-largest steel 
maker, fell 3.26 percent to 624,000 won, extending recent falls 
after global rivals including Baoshan Iron and Steel Co 
<600019.SS> and U.S. Steel Corp <X.N> delivered lukewarm 
quarterly results and forecast another weak quarter. 
    Hyundai Steel <004020.KS> fell 2.59 percent to 86,500 won. 
    ((Reporting by Kim Soyoung, editing by Sei Chong; 
[email protected]; Reuters Messaging: 
[email protected];+82-2-3704-5643)) 
Keywords: MARKETS KOREA STOCKS