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GS Holdings was down 9.83 percent after Moody's ratings agency on Tuesday changed its outlook on its oil refining arm GS Caltex to negative from stable. Rapidly weakening refining margins also weighed, analysts said.
The Korea Composite Stock Price Index was down 3.98 percent at 994.87 points as of 0313 GMT, breaking through the 1,000 level for the first time since Oct 30.
Meanwhile worries about the economy sent exporters lower, pushing Hynix Semiconductor, the world's No.2 memory chip maker, down 7.77 percent.
But defensive issues including KT&G outperformed, with South Korea's tobacco monopoly up 0.5 percent.
(Reporting by Park Jung-youn; Editing by Keiron Henderson) Keywords: MARKETS KOREA STOCKS/ (jungyoun.park@reuters.com; +82 2 3704 5643; Reuters Messaging: jungyoun.park.reuters.com@reuters.net)
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