Seoul shares down 0.54% in late morning trade

Seoul shares down 0.54 pct in late morning tradeSouth Korean stocks traded 0.54 percent lower late Wednesday morning on losses in techs and automakers.

The benchmark Korea Composite Stock Price Index lost 10.36 points to 1,920.17 as of 11:20 a.m.

Tech and auto stocks led the overall market decline.

Top market cap Samsung Electronics shed 2.98 percent, and global chipmaker SK Hynix fell 0.49 percent.

No. 1 automaker Hyundai Motor declined 1.39 percent, and its smaller affiliate Kia Motors went down 1.78 percent.

In contrast, some defensive stocks rose, with the state-run Korea Electric Power Corp. increasing 0.39 percent.

The global stock market has stabilized, recovering from China's stock rout, triggered by concerns over a slowdown in the world's No. 2 economy.

On Monday, China's stock market plunged nearly 7 percent, hitting the lowest level in nearly three months on renewed concerns over a slowdown in the world's No. 2 economy.

U.S. stocks finished little changed Tuesday rebounding from the previous session's drop.

The local currency was trading at 1,196.95 won against the U.S. dollar as of 11:20 a.m., down 8.95 won from the previous session's close. (Yonhap)