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France 24

South Korean stock market plunges over potential energy crisis

France 24 · 29 days ago
France 24
France 24
29 days ago

In a shock for South Korea, the country's KOSPI index dropped by over 12 percent in its worst sell off ever. Share prices took a dive as investors panicked about a potential energy crisis if the Strait of Hormuz remains blocked. Many Asian countries are especially dependent on Middle Eastern oil.

Breakdown
  • KOSPI index fell 12.06%, its biggest drop ever 5s
  • Sell-off triggered by fears of global energy crisis after US-Israeli strikes on Iran 26s
  • 71% of South Korea's energy imports come from Middle East via Strait of Hormuz 42s
  • SK Hynix and Samsung stocks fell 9.5% and nearly 12%, respectively 1m 29s
  • Japan's Nikkei index also saw its largest daily decline in 11 months 1m 35s
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