South Korea's Kospi declined for a third straight session on Wednesday as higher U.S. Treasury yields raised concerns over borrowing costs.

The Korea Composite Stock Price Index, or Kospi, decreased by 32.77 points, or about 0.5%, to close at 6,838.04. The Kosdaq rose by 6.11 points, or 0.7%, to close at 855.91.

The 30-year U.S. Treasury yield reached 5.612%, its highest intraday level since June 2002, while the 10-year yield stood at 5.265%, on track for its eighth 19-year closing high this month.

In economic news, corporate direct financing via equity and debt issuance fell 38%, or 10.011 trillion won, to 16.331 trillion won in August from 26.342 trillion won in July, the Financial Supervisory Service said Wednesday.

Corporate financing through equity issues plunged 69.5% to 454.9 billion won from 1.492 trillion won, while those via debt issues fell 36.1% to 15.876 trillion won from 24.849 trillion won during the period, it said.

In corporate news, Hanmi Pharmaceutical (KRX:128940) and Genentech terminated a licensing agreement for the cancer drug belvarafenib (HM95573), with Genentech returning the rights to the drug candidate, according to a Tuesday filing.

The agreement, signed in September 2016, will terminate 90 days after the Sept. 29 notice.

Hanmi Pharmaceutical will retain the $80 million upfront payment previously received from Genentech.

The companies will work together to transfer responsibilities and rights for belvarafenib through the Dec. 27 termination date, it said.

Shares of Hanmi Pharmaceutical fell nearly 2% at market close.