South Korean shares extend losses as KOSPI falls 2.37%

South Korean shares extended their losses late Monday morning as investors took profits in large-cap technology stocks. The benchmark Korea Composite Stock Price Index (KOSPI) fell 167.51 points, or 2.37%, to 6,913.41 as of 11:20 a.m., after opening 0.33% lower.

Foreign and institutional investors drove heavy selling. Investors were also weighing rising bond yields and uncertain prospects for the Middle East crisis. Most market heavyweights traded lower.

Samsung Electronics fell 4.29%, rival SK hynix lost 4.73%, and SK Square, the parent of SK hynix, dropped 7.23%. Samsung Electro-Mechanics was down 0.8% after opening higher.

At 11:20 a.m., the won traded at 1,361.2 per U.S. dollar, down 4.2 won from the previous session’s close.