[THE INVESTOR] South Korean shares were down slightly in late morning trading Aug. 24, as foreign and institutional investors sought to profit from early gains.

The benchmark KOSPI lost 6.25 points, or 0.3 percent, to 2,043.68 as of 11:20 a.m.

The index opened a tad higher following overnight gains on Wall Street, but later pared earlier gains as foreign investors and institutions turned to selling.

Market behemoth Samsung Electronics plunged 2.19 percent as investors apparently sought to lock in on early gains, one day after Samsung Electronics shares reached a record high of 1,687,000 won (US$1,500).

Other large caps traded mixed.

Top automaker Hyundai Motor advanced 0.75 percent, with its smaller affiliate Kia Motors soaring 1.07 percent.

Their auto parts-making affiliate Hyundai Mobis, on the other hand, plunged 0.99 percent.

Steelmaking giant POSCO spiked 3.23 percent, while global chipmaker SK hynix retreated 0.42 percent.

The local currency was trading at 1,122.70 won against the US dollar, weakening 7.1 won from Tuesday‘s close.

(theinvestor@heraldcorp.com)