The benchmark Korea Composite Stock Price Index (KOSPI) opened sharply down Wednesday morning following reports that the Democratic People's Republic of Korea(DPRK) conducted test-fires of several missiles earlier.

The KOSPI index lost 18.53 points, or 1.44 percent, to 1,267.39, while the high-tech KOSDAQ index dropped 10.37 points, or 1.77 percent, to 575.46, during the first 15 minutes as of 9:15 a.m.(0015 GMT Wednesday).

The exchange rate between South Korea's won and the U.S. dollar also dropped by 2.5 won from Tuesday's close as of 9:15 a.m. to 945.90 won for one U.S. dollar

According to the Yonhap News Agency, South Korean defense officials confirmed the DPRK test-fired several missiles early Wednesday morning.

The DPRK has not officially confirmed the launches so far.

Source: Xinhua