Seoul: Seoul shares opened sharply lower Wednesday, following overnight losses on Wall Street, as rising bond yields and oil prices weighed on technology stocks and dampened investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) lost 341.06 points, or 4.96 percent, to 6,528.77 at the opening bell.

According to Yonhap News Agency, the decline in Seoul's stock market mirrored the downturn on Wall Street, where major indexes closed lower. Investor sentiment was negatively impacted by stalled peace efforts between the United States and Iran, which in turn pushed oil prices higher. The Dow Jones Industrial Average shed 0.22 percent, while the benchmark S and P 500 lost 0.69 percent. The tech-heavy Nasdaq Composite Index fell 1.33 percent.

Additionally, the U.S. 30-year Treasury yield rose to its highest level since 2007, amid concerns that elevated energy prices could sustain high inflation levels. This rise in bond yields further contributed to the sell-off in technology stocks, compounding the pressure on global markets.