Seoul shares down in late Thurs. morning trade

South Korean stocks traded 0.45 percent lower late Thursday morning on IT and financial shares. The benchmark Korea Composite Stock Price Index had lost 12.12 points to 2,693.04 as of 11:20 a.m. Overnight, major U.S. indexes lost ground as the release of a key measure of inflation dashed investors' hopes that the Federal Reserve may start cutting its rates soon. In Seoul, IT and financial shares led the decline. Internet portal operator Naver plunged 2.91 percent, and Kakao, the operator of the country's top mobile messenger, lost 2.23 percent. KB Financial Group and Shinhan Financial Group decreased 1.59 percent and 1.72 percent, respectively, while Samsung Life Insurance plunged 5.36 percent. Bio shares also declined, with Samsung Biologics falling 1.61 percent and Celltrion 1.32 percent. But chipmakers and carmakers gained ground. Samsung Electronics added 0.84 percent, and SK hynix increased 1.8 percent. Hyundai Motor jumped 2.85 percent, and Kia climbed 1.39 percent. The local currency was trad ing at 1,363.70 won against the dollar, down 8.8 won from the previous session's close. Source: Yonhap News Agency