Iran–Israel Conflict: ‘Earthquake’ in Asian Stock Markets; Big fall in KOSPI, Nikkei, TAIEX

Iran–Israel Conflict: Global markets have been troubled by the Iran-Israel conflict. Wednesday morning was a dark day for Asian markets. Investor fears sent stock markets from South Korea to Japan and Taiwan crashing like a house of cards. The South Korean market’s KOSPI suffered the most severe losses. After falling 7.2% on Tuesday, the index fell 12.3% by Wednesday morning, one of its biggest losses ever. Markets in Seoul are facing the threat of a circuit breaker as investors sell their holdings.

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Japan and Taiwan are also in trouble. Not only Korea, but other major Asian economies are also feeling the effects of this war. In Japan, Tokyo’s Nikkei 225 index fell 4.7%. Investors fear that a protracted war will adversely affect supply chains and oil prices. TAIEX in Taiwan, a hub for chip manufacturing in the country, also fell 3.9%. The Hang Seng index fell sharply by 3.1% on China’s economic signals and war fears in Hong Kong.

Iran is a major oil producing country. Closing the Strait of Hormuz during a war could increase global inflation. Uncertainty about how long the war will last and which countries will be involved has driven investors away from riskier assets. Investors are now pulling money out of the stock market and investing in safe havens like gold and silver. The turmoil in the Asian markets has directly affected the Indian stock market. As tensions eased, Indian investors on Wednesday, March 4 sold their portfolios heavily.

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As the market opened, the Sensex was trading down 1,718.32 points at 78,520. The Nifty opened 512 points lower at 24,352. Qatar announced the closure of its LNG plant. This affected Indian gas reserves, as India imports 50% of its LNG consumption, of which 60% comes from Qatar and the UAE. At the start, there was a sell-off in the shares of many large companies. Market experts believe that this period of market volatility may continue until geopolitical tensions ease. Right now, the world’s attention is focused on Israel’s next move.