South Korean stocks slid Wednesday after two straight days of record highs as investors cashed in following Federal Reserve Chair Jerome Powell's hint that the U.S. stock market might be overvalued.

The benchmark Korea Composite Stock Price Index(KOSPI) lost 14-point-zero-five points, or zero-point-four percent, on Wednesday to close at three-thousand-472-point-14.

Foreigners sold 251-point-six billion won worth of shares while individuals and institutions bought 216-point-nine billion won.

During a speech in Rhode Island on Tuesday, Powell said that equity prices were "fairly highly valued," triggering a downward push.

Tech and pharmaceutical shares were mixed, with Samsung Electronics rising zero-point-83 percent and SK hynix falling zero-point-97 percent.

Financial companies slid, with Shinhan Financial losing one-point-14 percent, though defense shares like Hanwha Aerospace climbed five-point-38 percent after U.S. President Donald Trump said he planned to impose "very strict tariffs" on Russia if it did not end its war against Ukraine.

The tech-heavy KOSDAQ slid eleven-point-27 points, or one-point-29 percent, to close at 860-point-94.

The local currency fell four-point-nine won to stand one-thousand-397-point-five won against the U.S. dollar as of Wednesday at 3:30 p.m.