Asia is heavily reliant on energy imports transported through the Strait of Hormuz, raising concerns about supply disruptions, News.Az reports, citing foreign media.
The steepest losses were recorded in Seoul, where the market closed down 12 percent — the largest single-day drop on record.
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Over the past two days, the benchmark index has lost more than 18 percent of its value, while the national currency has weakened to its lowest level in 17 years.
Japan’s Nikkei 225 fell 3.9 percent, while stocks in Taiwan dropped 4.3 percent as investors rushed to sell semiconductor shares, which had been among the strongest performers in recent months. Analysts said the move likely reflected efforts to cover losses elsewhere and reduce overall risk exposure.
“Asia’s selloff is turning disorderly because markets are no longer treating this as a ‘one-week headline shock,’” said Charu Chanana, chief investment strategist at Saxo Bank in Singapore, according to Reuters.
“The ‘sell-what-you-can’ phase is spreading,” Chanana added.
