KOSPI Index Plummets as Middle East Conflict Sparks Risk Aversion
Deep News
Mar 30
South Korea's KOSPI index dropped by as much as 5.3%, with chip manufacturers leading the decline, following a spike in oil prices due to escalating Middle East tensions. Samsung Electronics, SK Hynix, and Hyundai Motor all fell more than 4%, contributing the most to the index's decline. The involvement of Iran-backed Houthi forces in the conflict and the expansion of U.S. military presence have raised concerns about prolonged hostilities. South Korea's secondary KOSDAQ index fell by as much as 4.1%. The MSCI Asia-Pacific index declined by up to 2%.
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