South Korean shares closed nearly 2% lower on Wednesday, extending losses for a second consecutive session, as technology shares declined amid concerns over bond yields increasing to multidecade highs. Shares of major market movers Samsung Electronics (KRX:005930) and SK Hynix (KRX:000660) fell over 1% and nearly 3% at market close.

The Korea Composite Stock Price Index, or Kospi, decreased by 137.49 points, or about 2%, to close at 6,803.9. The Kosdaq also fell by 21.49 points, or 2.3%, to close at 898.43.

In corporate news, HD Construction Equipment (KRX:267270) secured a contract to supply a gas engine long block for power generation to U.S.-based electrical resiliency-as-a-service company Enchanted Rock, according to a Wednesday filing with the Korea Exchange.

The contract, valued at 387.9 billion won, is valid till Dec. 31, 2028.

Shares of HD Construction Equipment fell nearly 3% at market close.

In other news, LS Electric (KRX:010120) has signed an agreement with Nan Ya Plastics (TPE:1303) and KHI, affiliates of Formosa Plastics Group, to form a joint venture that will bid for power infrastructure projects in Taiwan, according to a Wednesday statement.

The joint venture, named Nanaya Lexing, looks to secure capacity to handle bidding, design, and technical aid for Taiwanese power projects.

The Korean company will have a 50% stake in the venture, while Nan Ya Plastics and KHI will each have 40% and 10%, respectively.

Shares of LS Electric fell nearly 6%, while those of Nan Ya Plastics added more than 7% at market close.