Seoul:South Korean shares fell on Wednesday, making it the third consecutive day of losses, as rising U.S. Treasury yields sparked worries about increasing borrowing costs and negatively impacted investor sentiment. In addition, the Korean won weakened against the U.S. dollar.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) dropped by 32.77 points, or 0.48 percent, closing at 6,838.04.
U.S. stocks closed slightly lower overnight, despite a decrease in oil prices, as consistently high Treasury yields continued to keep investors wary. The surge in global bond yields has reached multi-year highs due to fears that high energy prices might sustain inflationary pressures and lead to further interest rate hikes.
Notably, the yield on the 30-year U.S. Treasury reached 5.6 percent, its highest level in 24 years, while the 10-year yield stayed above 5.2 percent, marking a peak not seen since 2007.