Seoul - Shares nosedived Tuesday on the Seoul stock exchange on renewed concerns over the US financial market and higher oil prices.

The benchmark Kospi index fell 31.09 points, or 2 per cent, to close at 1,567.20.

Declining issues outnumbered advancers 672 to 148.

The main index of the technology-heavy Kosdaq market fell 8.69 points to 535.36.

On currency markets, the US dollar was quoted at 1,008.80 Korean won, after 1,006 won on Monday. (dpa)