Seoul stocks down late Mon. morning on profit-taking

South Korean shares traded a tad lower late Monday morning as investors sought to cash in gains amid U.S. rate cut hopes. The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.49 points, or 0.13 percent, to 2,698.20 as of 11:20 a.m. The index had opened higher, tracking sharp increases on Wall Street. U.S. Fed Chair Jerome Powell hinted at a shift in the U.S. rate stance last week, saying the "time has come for policy to adjust." The Dow Jones Industrial Average surged 1.14 percent to close at 41,175.07 Friday (U.S. time), with the tech-heavy Nasdaq spiking 1.47 percent to 17,877.79. In Seoul, large caps were mixed. Market kingpin and tech giant Samsung Electronics lost 1.67 percent, while its local rival and the world's No. 2 chipmaker SK hynix plunged 2.48 percent. Leading battery maker LG Energy Solution spiked 4.6 percent, with its local rival Samsung SDS advancing 0.81 percent. Autos were in negative territory, with local industry leader Hyundai Motor and its smaller affiliate Kia Motor s slipping 1.19 percent and 0.87 percent, respectively. The local currency was trading at 1,320.55 won against the U.S. dollar, up 7.45 won from the previous session's close. Source: Yonhap News Agency