South Korea's tech-heavy KOSDAQ composite index saw the biggest fall among major market indices after posting a nearly 26-percent drop this year amid concerns over monetary tightening.

The Korea Exchange said on Friday that it reviewed the rise and fall of key stock indices from the Group of 20 nations and as of Wednesday, the KOSDAQ saw the sharpest drop after falling 25-point-98 percent from the closing price posted on January 3.

Major market indices around the world are showing signs of declining collectively amid concerns over the U.S. Federal Reserve’s plans to further raise its key interest rate and forecasts of an economic recession in Europe and China.

The U.S. saw the second-sharpest drop in its key stock market index at 25-point-five percent, followed by Italy and Russia, while Turkey and Argentina saw a rise of nearly 77 percent and some 65 percent in their key indices, respectively.