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Asian stocks fall as US-Iran tensions flare and Hormuz closes
South Korea’s KOSPI drops more than 7.9%, with Samsung and SK Hynix among the biggest decliners after reports of US-Iran airstrikes and Tehran’s closure of the Strait of Hormuz.
Asian markets traded lower on Monday amid renewed US-Iran tensions, after reports of US-Iran airstrikes over the weekend and Tehran declaring the Strait of Hormuz closed, according to FXStreet.
The US military said the strikes were intended to limit Iran’s ability to attack civilian ships in the strait, and added that President Donald Trump directed the strikes to hold Iranian forces accountable.
In South Korea, the KOSPI fell more than 7.9% to 6,880, as pressure returned to heavyweight chipmakers, with Samsung Electronics down nearly 7% and SK Hynix down 11%.
Japan’s Nikkei 225 dropped 2.2% to 67,040, while China’s Shanghai index fell 1.7% to 3,930. Hong Kong’s Hang Seng edged up 0.1% to 24,200, India’s Nifty50 slipped 0.3% to 24,141, and Taiwan’s Taiex rose 0.4% to 45,540.
Latest closeNikkei 225 67,743.85 ▲1.4%|Hang Seng 24,030.18 ▼0.7%|Kospi 7,291.91 ▲0.6%