Oil worries and Iran war hammer Asian stocks, with Korea’s KOSPI taking the biggest hit

Asian equity markets continue to bear the brunt of investor anxiety over U.S. President Donald Trump’s launch of large-scale strikes on Iran last week, amid worries of an extended conflict in the Persian Gulf and a sharp shock to energy markets. 

Market indices plunged on Monday. Japan’s Nikkei 225 fell by around 5.2% on Monday, while South Korea’s KOSPI sank by 6.2%. Vietnam’s VN-Index is down by around 5.7%. Other Asian markets dropped by smaller amounts: Hong Kong’s Hang Seng Index fell by around 1.8%, and India’s NIFTY 50 is down by 2.5% in morning trading.

Monday’s plunge adds to a steep slide in Asia’s markets since Trump’s Iran strikes. The KOSPI is down by over 16% since the Iran war began. Japan’s Nikkei 225 and Australia’s ASX 200 are down by around 10% and 6% respectively over the same period.

Many Asian economies rely on oil exports from the Gulf, which have slowed to a crawl........

© Fortune