Seoul - Shares plunged more than two per cent Wednesday on the Seoul stock exchange as concerns over climbing oil prices and their impact on the world economy continue to besiege the market.

The benchmark Kospi index fell 42.86 points, or 2.6 per cent, to close at 1,623.60.

Declining issues outnumbered advancers 742 to 103.

The main index of the technology-heavy Kosdaq market fell 23.98 points to 556.79.

The US dollar was quoted at 1,035 won, after 1,047 won on Tuesday. (dpa)