Seoul shares tumbled more than three percent Wednesday morning, dropping below the four-thousand mark following an overnight slump in U.S. tech stocks.

The benchmark Korea Composite Stock Price Index(KOSPI) opened down one-point-61 percent at four-thousand-55-point-47 and continued to extend its losses.

By 9:23 a.m., the KOSPI was trading at three-thousand-967-point-54, down over 150 points, or three-point-74 percent, from the previous close.

The sharp decline comes just seven trading days after the main bourse briefly surpassed the four-thousand mark for the first time.

In the Seoul foreign exchange market, the Korean won opened at one-thousand-443-point-five won per U.S. dollar, weakening by five-point-six won from the previous session’s close.

The currency later weakened further to one-thousand-446-point-three won, its lowest level in about seven months.