South Korean stocks traded sharply lower late Friday morning as investors sought profit after the previous day's big gain. The benchmark Korea Composite Stock Price Index had lost 21.13 point, or 0.77 percent, to 2,731.87 as of 11:20 a.m. The stock market enjoyed a 0.83 percent increase on Thursday following a moderation in U.S. inflation, which fuels strong optimism for a possible rate cut. Market bellwether Samsung Electronics fell 0.9 percent and its chipmaking rival SK hynix dropped 0.98 percent. Top carmaker Hyundai Motor edged down 0.2 percent, and major banking group KB Financial Group lost 1.23 percent. Leading retailer Lotte Shopping declined 0.29 percent, and top mobile carrier SK telecom retreated 0.19 percent. The local currency was trading at 1,355.95 won against the U.S. dollar at 11:20 a.m., down 10.95 won from the previous session's close. Source: Yonhap News Agency
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