Seoul - Shares were down sharply Wednesday on profit taking following two days of heavy gains.

The benchmark Kospi index plunged 27.41 points, or 2 per cent, to close at 1,340.28.

Declining issues outnumbered advancers 568 to 261.

The main index of the technology-heavy Kosdaq market declined 6.04 points to 390.28.

On currency markets, the dollar was quoted at 1,239.50 Korean won, after 1,208.0 won Tuesday. (dpa)