SEOUL-- South Korean stocks extended their losses late Friday morning, led by institutional sell-offs.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.8 points, or 0.83 percent, to 2,958.42 points as of 11:20 a.m.

After a choppy start, most large caps increasingly lost ground, particularly marked by losses in financial and chemical heavyweights.

Market bellwether Samsung Electronics decreased 0.28 percent to 70,400 won, while No. 2 chipmaker SK hynix advanced 0.94 percent to 107,000 won. Hyundai Motor, the country's largest carmaker, traded flat at 214,000 won.

Pharmaceutical giant Samsung Biologics lost 0.92 percent to 781,000 won, and financial top cap Kakao Bank shed 3.83 percent to 57,700 won. Steelmaker POSCO retreated 4.03 percent to 285,500 won.

The local currency was trading at 1,186.1 won against the U.S. dollar, down 3.5 won from the previous session's close.

Source: Yonhap News Agency