Key facts
- Asian stocks and bonds declined as Brent crude futures surpassed $100 per barrel.
- Rising oil prices revived inflation fears and impacted bond markets.
- Seoul stocks plummeted nearly 6% amid escalating Middle East tensions.
- The KOSPI index fell 5.72% to 6,690.62.
- Program trading was suspended for five minutes due to the sharp decline.
Asian stocks and bonds declined as Brent crude futures surpassed $100 per barrel, reigniting inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted nearly 6% on Friday, falling 406.27 points, or 5.72 percent, to 6,690.62, as escalating tensions in the Middle East sapped risk appetite. The sharp decline triggered the country's bourse operator to suspend program trading for five minutes in early trading. Major stocks such as Samsung Electronics, SK hynix, Hyundai Motor, and KB Financial saw significant drops of 6.39%, 6.2%, 8.45%, and 5.22% respectively. The broader decline in Seoul stocks was attributed to profit-taking and the impact of Middle East tensions, which also affected global markets, with U.S. stocks closing lower overnight amid concerns over potential U.S. military action against Iran.