SEOUL-- Seoul shares traded lower late Wednesday morning ahead of the U. S. Federal Reserve's interest rate decision amid surging inflation and concerns over a global economic slowdown.

The Korea Composite Stock Price Index (KOSPI) fell 30.52 points, or 1.22 percent, to 2,462.45 points as of 11:20 a.m.

The market opened a tad lower while extending losses with the index falling to a 19-month low during the session. The index closed at 2,492.97 on Tuesday, the lowest level since November 2020.

The Fed began the two-day key rate-setting meeting on Tuesday (U.S. time), as higher-than-expected inflation growth has raised the possibility of the central bank hiking the key rate by 75 basis points, a step that it has not taken since 1994.

In Seoul, most big-cap shares traded lower, with tech shares leading the fall.

Market bellwether Samsung Electronics fell 1.94 percent, and No. 2 chipmaker SK hynix lost 1.72 percent.

Major battery maker LG Energy Solution tumbled 1.29 percent, and top steelmaker POSCO decreased 0.76 percent.

K-pop powerhouse Hybe dived 21.76 percent after BTS abruptly announced a decision to suspend group projects.

But carmakers gathered ground as unionized truckers ended their weeklong strike following an agreement with the government upon their continued push for a freight rate system that guarantees basic wages for truck drivers amid surging fuel prices.

Hyundai Motor jumped 2.62 percent, and its smaller affiliate Kia advanced 1.67 percent.

The local currency traded at 1,291.35 won against the U.S. dollar as of 11:20 a.m., down 4.95 won from the previous session's close.

Source: Yonhap News Agency