Asian markets traded mostly lower in early deals on Tuesday, after President Donald Trump's decision to reinstate a naval blockade on Iranian vessels and demand a 20% protection fee on all commercial cargo passing through the Strait of Hormuz. Heightened Middle East tensions and surging oil prices spurred hawkish Federal Reserve expectations and triggered volatility in tech equities. A severe global tech and AI sell-off is battering key Asian indices, including the KOSPI and Nikkei 225. South Korea’s KOSPI has plummeted to multi-month lows, pressured by aggressive profit-taking, valuation reassessments, and rising geopolitical tensions. This sudden downturn has heavily impacted industry heavyweights Samsung Electronics and SK Hynix, wiping out billions from their market caps.
Nikkei tumbled by 677.73 points or 1.01% to 66,565.00, Straits Times down by 32.21 points or 0.59% to 5,438.13, Hang Seng dipped by 207.72 points 0.86% to 24,006.00, KOSPI Index plunged by 336.72 points or 4.95% to 6,470.21, Taiwan weighted slipped by 1,439.13 points or 3.17% to 43,941.39, Shanghai Composite lower by 43.05 points or 1.10% to 3,870.74
On the flip side, Jakarta Composite added by 29.22 points or 0.48% to 6,067.06, and FTSE Bursa Malaysia KLCI index up by 9.04 points or 0.53% to 1,707.48.
