SEOUL-- Seoul shares traded lower late Friday morning as concerns deepened over a global economic recession amid the U.S. Federal Reserve's aggressive monetary tightening to tame surging inflation.

The Korea Composite Stock Price Index (KOSPI) shed 32.89 points, or 1.34 percent, to 2,418.52 points as of 11:20 a.m. The index once tumbled below the 2,400 mark for the first time in about 19 months.

Overnight, U.S. shares tumbled as pessimism prevailed about a global economic downturn, one day after the Fed announced its decision to hike the key rates by 0.75 percentage point, the biggest increase since 1994, to fight high-flying inflation.

The Fed also indicated that it could raise the rates by the similar margin next month.

In Seoul, most big-cap shares lost ground, with tech shares dragging down the index.

Market bellwether Samsung Electronics lost 1.97 percent, and No. 2 chipmaker SK hynix sank 2.16 percent.

Major battery maker LG Energy Solution retreated 1.99 percent, and chemical giant LG Chem went down 1.37 percent.

Carmakers also lost ground, with Hyundai Motor decreasing 2.6 percent and its smaller affiliate Kia falling 2.59 percent.

Major bio shares traded mixed, with Samsung Biologics shedding 0.25 percent and Celltrion growing 1 percent.

The local currency traded at 1,289.65 won against the U.S. dollar as of 11:20 a.m., down 4.05 won from the previous session's close.

Source: Yonhap News Agency