Seoul shares down 1.59 pct in late-morning trade

SEOUL, Aug. 24 (Yonhap) -- South Korean stocks traded 1.59 percent lower late Wednesday morning, due to losses in financial and tech shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 28.21 points to 1,748.47 as of 11:20 a.m., reversing earlier gains. Financials and techs led the fall with market bellwether Samsung Electronics tumbling the most. Financials were also bearish, with major banking groups Shinhan Financial Group falling more than 5 percent and KB Financial Group losing nearly 4 percent. The local currency was changing hands at 1,080.05 won to the greenback as of 11:20 a.m., down 2.05 won from Tuesday's close.