South Korean stock market KOSPI index plunges, escalating Iran war triggers safe-haven sentiment.

The KOSPI index in the South Korean stock market fell by as much as 5.3%, with chip manufacturers leading the decline, as tensions in the Middle East escalated leading to a surge in oil prices. Samsung Electronics, SK Hynix, and Hyundai Motor all saw declines of over 4%, dragging down the index the most. Support from Iran-backed Houthi militants and the expansion of U.S. military presence have raised concerns about the prolonged conflict. The KOSDAQ index for small-cap stocks in South Korea also fell sharply by 4.1%. The MSCI Asia Pacific index dropped by 2%.