Stocks down in late morning trading as won strengthens

South Korean shares traded lower late Wednesday morning as the Korean won's surge against the U.S. dollar weighed on tech and auto stocks.   

The benchmark Korea Composite Stock Price Index shed 1.15 point, or 0.06 percent, to 2,042.63 as of 11:20 a.m.

After rising to a nine-month high a day earlier, the KOSPI stock index started 0.04 percent lower and it swung between gains and losses.

Market expectations for an interest rate hike by the U.S. Federal Reserve were slightly lower following softer U.S. productivity data. Such sentiment weakened demand for the U.S. dollar, prompting the Korean won to gain.

Market kingpin Samsung Electronics fell 1.53 percent and global chipmaker SK hynix lost 2.71 percent.

AmorePacific, the largest cosmetics maker, rose 3.18 percent.

Top automaker Hyundai Motor fell 0.37 percent and its smaller affiliate Kia Motors traded 0.84 percent lower.

POSCO, the No.1 steelmaker, declined 0.45 percent.

Naver, the operator of the country's top Internet portal, rose 1.99 percent.

The local currency was trading at 1,097.75 won against the U.S. dollar, up 8.45 won from the previous session's close.

It was the first time in about 13 months that the local currency traded below the 1,100-won level against the U.S. dollar in an intraday trading.  (Yonhap)