SEOUL, South Korean stocks continued to trade lower late Monday morning after slightly trimming earlier losses prompted by waning hopes for a U.S. rate cut. The benchmark Korea Composite Stock Price Index (KOSPI) shed 21.49 points, or 0.79 percent, to 2,701.18 as of 11:20 a.m. The index had opened sharply lower, tracking losses on Wall Street on Friday, caused by stronger-than-expected employment data that weakened hopes for a U.S. rate cut ahead of the U.S. Federal Open Market Committee meeting, slated for Tuesday and Wednesday (U.S. time). In Seoul, most large caps were in negative terrain. Market bellwether Samsung Electronics lost 1.94 percent, with leading battery maker LG Energy Solution dipping 2.09 percent. Top portal operator Naver plummeted 2.51 percent, while leading chemicals producer LG Chem retreated 2.49 percent. Leading carmakers Hyundai Motor and Kia Motors advanced 0.19 percent and 0.41 percent, respectively. The local currency was trading at 1,376.40 won against the U.S. dollar, dow n 11.10 won from the previous session's close. Source: Yonhap News Agency