Seoul: South Korean stocks got off to a weak start Wednesday, tracking overnight losses on Wall Street, as investors moved to lock in profits from recent sharp gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 28.76 points, or 0.83 percent, to 3,420.86 in the first 15 minutes of trading.

According to Yonhap News Agency, the KOSPI has rallied in recent sessions, with the index reaching an all-time high for the fifth consecutive session Tuesday. Overnight, U.S. shares fell ahead of the Federal Reserve’s interest rate decision. The Dow Jones Industrial Average fell 0.27 percent, and the tech-heavy Nasdaq composite edged down 0.07 percent. The S and P 500 shed 0.13 percent.

In Seoul, most large-cap shares lost ground. Market bellwether Samsung Electronics fell 1.76 percent, and its chipmaking rival SK hynix tumbled 2.16 percent. Leading battery maker LG Energy Solution inched down 0.14 percent, and defense powerhouse Hanwha Aerospace dipped 1.25 percent.

However, shipbuilders opened higher. HD Hyundai Heavy added 0.4 percent, and Hanwha Ocean surged 3.7 percent. Carmakers opened mixed. Top automaker Hyundai Motor increased 0.23 percent, while Kia went down 0.59 percent.

The local currency was trading at 1,377.85 won against the U.S. dollar at 9:15 a.m., up 1.05 won from the previous session.