Seoul  - Shares fell almost 3 per cent Wednesday on the Seoul stock exchange on heavy profit taking after recent gains. South Korea's local currency, the won, tumbled against the dollar.

The benchmark Kospi index was down 38.03 points, or 2.93 per cent, to close at 1,262.07.

Declining issues outnumbered advancers 507 to 316.

The main index of the technology-heavy Kosdaq market, however, was up 2.26 points, or 0.49 per cent, to 460.83.

On the currency markets, the US dollar was quoted at 1,354.50 Korean won, after 1,322.50 won on Tuesday. (dpa)