South Korean stock markets continue their bearish mood as soaring oil prices, coupled with economic woes, loom large.
After opening at 1,663.52 points, down 2.94 points or 0.18 percent, the Korea Composite Stock Price Index (KOSPI) tumbled below 1,640 points. As of 10 a.m., the benchmark index lost 1.6 percent to 1639.80, the lowest level since March 20.
Tech giant Samsung Electronics and smaller chipmaker Hynix Semiconductor opened lower and leading steel maker POSCO lost more than 2 percent.
Top flag carrier Korean Air fell nearly 2 percent, while leading shipper Hanjin Shipping lost 1.54 percent.
Major financial shares, however, opened higher. Top lender Kookmin Bank and fifth-largest Korea Exchange Bank gained ground.
On Tuesday, the price of Dubai crude, South Korea's benchmark, hit a fresh record of $136.56 per barrel, up $0.4 from the previous day.
The tech-savvy Kosdaq market opened higher but soon took a dive due to the absence of major buying forces. The Kosdaq index lost 12.02 points, or 2.07 percent, to 568.75 as of 10 a.m.
The Korean currency was trading at 1,050.3 won to the U.S. dollar as of 9:15 a.m., down 3.3 won from Tuesday's close.