Asian Markets Slide as Middle East Tensions Hit South Korea’s Kospi
The Korea Exchange temporarily halted trading in the Kospi due to the rapid sell-off. Major South Korean chipmakers were hit hard, with SK Hynix and Samsung Electronics falling more than 6% and 9%, respectively.
The market decline follows a strong rally last year when the Kospi surged over 75%, fueled largely by semiconductor companies benefiting from high demand for memory chips. However, South Korea’s manufacturing-driven economy is sensitive to energy costs, and rising oil prices linked to the Middle East conflict have heightened concerns over industrial and export sectors. The country’s net oil imports account for roughly 2.7% of GDP.
Elsewhere in the region, Japan’s Nikkei 225 fell 3.6%, the Shanghai Composite slipped 1%, Australia’s S&P/ASX 200 lost more than 2%, Hong Kong’s Hang Seng dropped about 2.7%, and China’s CSI 300 fell 1.6%.
Investors are also monitoring China’s major annual political event, the “Two Sessions,” where policymakers are expected to set key economic targets. Chinese Premier Li Qiang is scheduled to present growth and policy goals when the National People’s Congress opens on Thursday.
Meanwhile, oil prices continued to climb amid the conflict, with Brent crude rising 0.95% to $82.17 per barrel, driven by concerns over Iran’s attempts to disrupt traffic through the Strait of Hormuz.
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