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South Korea's Kospi sees worst day in 19 months amid broader decline in Asia markets
South Korea's Kospi saw its worst day in 19 months, weighed down by heavyweights Samsung Electronics and SK Hynix that fell almost 10% and 12%, respectively, on Tuesday as trading resumed after a public holiday.
The index tumbled 7.24% to 5,791.91. Samsung shares plunged after a report revealed that mass production at the company's U.S. plant in Taylor, Texas had been pushed back to 2027 from this year.
The country's defense stocks, however, surged, with some names rising over 20%.
Other Asia-Pacific markets tumbled as the conflict in Iran continues to rage on for a fourth day, denting risk sentiment.
Oil prices extended gains after Iran reportedly said it had closed the Strait of Hormuz, with U.S. crude futures up 2.16% to $72.78 per barrel, while Brent was up 2.78% to trade at $79.91 per barrel as of 2.38 a.m. ET.
KOSPI opens sharply lower following over 7% dip amid Middle East tension
The screen displays the KOSPI index at a dealing room at Hana Bank's headquarters in central Seoul, Wednesday. Yonhap
Seoul shares extended losses late Wednesday morning, falling more than 8 percent, as escalating concerns over the economic fallout from the Middle East conflict continued to weigh on investor sentiment.
After opening 3.44 percent lower, the Korea Composite Stock Price Index (KOSPI) extended its losses, tumbling 468.98 points, or 8.1 percent, to 5,322.93 as of 11:45 a.m., following a plunge of more than 7.24 percent the previous session.
The Korea Exchange (KRX) triggered circuit breakers shortly after the KOSPI fell more than 8 percent amid heightened geopolitical tensions.
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