Seoul stocks down for 2nd day amid rising bond yields

Seoul's stock market experienced a second day of decline on Wednesday, suffering a nearly 2 percent drop to continue its downturn for two straight sessions. The primary driver behind the market's downturn was the surge in bond yields, which have reached levels not seen in decades. The Korean won strengthened against the U.S. dollar during the trading session.

Following an opening loss of 1.11 percent, the benchmark Korea Composite Stock Price Index (KOSPI) closed 137.49 points, or 1.98 percent, lower at 6,803.90. Despite gains on Wall Street, local shares declined, as investors remained wary of the high bond yields. While global oil prices fell due to easing supply concerns, bond yields retreated from their all-time highs.

Overnight, the Dow Jones Industrial Average rose 0.49 percent, while the tech-focused Nasdaq composite gained 0.45 percent, reaching a record high. As of 3:30 p.m., the Korean won was trading at 1,340.4 won against the U.S. dollar, compared to 1,343.6 won from the previous trading session.